Book notes: Lessons learned from Greg Ip’s Foolproof: Why Safety Can Be Dangerous and How Danger Makes Us Safe.  (EconLog)

Quote of the Day

"In the stock market, short term trends are mostly random and heavily influenced by luck. To succeed, you must ignore them and invest in strategies that have the highest probability (base rate) of succeeding in the future."

(Jim O'Shaughnessy)

Chart of the Day

Ben Carlson, “No one ever complains about upside volatility.”