Book notes: Many of our economic ills stem from the rise of finance. Insights from Mohamed El-Erian’s The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse. (Time)

Quote of the Day

"Smart beta is really just dumb beta plus marketing. It is taking stuff we all know -- like value, momentum, quality or profitability, whatever you want to call it -- and saying, “Oh look, these are different takes we have to worry about."

(James Montier)

Chart of the Day

Facebook ($FB) had a huge quarter.