Book recommendation: Even long-only investors should read Short Selling: Finding Uncommon Short Ideas by Amit Kumar. (Reading the Markets)

Quote of the Day

"It’s much more difficult than people realize to ignore the herd mentality because (a) sometimes the herd is right and (b) even when they’re wrong it’s much more comfortable to go with the safety in numbers syndrome."

(Ben Carlson)

Chart of the Day

2015 has been a bad year for IPOs. Chart via