Book recommendation: Jeremy Josse’s Dinosaur Derivatives and Other Trades is “worth reading and pondering.” (Reading the Markets)

Quote of the Day

"When you have a fund promising daily liquidity, which owns things that don’t trade and don’t price, you’ve got the ingredients for a meltdown,” Mr. Marks said. “But that means it’s a function of one fund’s management, not a weakness of a whole asset class."

(Howard Marks)

Chart of the Day

Blackberry ($BBRY) isn’t dead yet.