Book excerpt: Robert Frank author of Success and Luck: Good Fortune and the Myth of Meritocracy on the value to prompting people about the role of luck in their lives.  (The Atlantic)

Quote of the Day

"Outcomes are determined by performance within the context of expectations, with importance heavily weighted toward the latter. And if predicting future performance is hard, calibrating them against expectations is close to sorcery."

(Morgan Housel)

Chart of the Day

Global fund managers became pretty scared.