Book review: Tyler Cowen thinks Robert Gordon is “is probably right about the past, but wrong about the future” in his new book The Rise and Fall of American Growth.  (Marginal Revolution)

Quote of the Day

"Portfolio insurance is not a good ongoing hedging strategy...It’s very expensive and rarely pays off economically. If investors are concerned about losing money on the market, they are better off de-risking."

(Brad Smith)

Chart of the Day

University endowments need to recalibrate their return expectations.