Book review: Dark Territory: The Secret History of Cyber War by Fred Kaplan is “a page-turner” and “consistently surprising.”  (NYTimes)

Quote of the Day

"I’d say hybrid products that erase the boundary between active management and smart beta are where things are headed. Those are truly multi-factor, risk-aware investment strategies."

(Nick Baturin)

Chart of the Day

The story of the only analyst who had a sell-rating on Valeant Pharmaceuticals ($VRX).