Book recommendation: Arnold Kling, “Overall, the reader of Foolproof: Why Safety Can Be Dangerous and How Danger Makes Us Safe comes away with a sense that we need to learn to think more astutely about risk.”  (EconLog)

Quote of the Day

"What would we know about the economy and stock market if we had 10,000 years of perfect, unimpeachable, apples-to-apples data?"

(Morgan Housel)

Chart of the Day

High yield bond investors are heading for the exits.