Book review: Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance by Kevin Mirabile “should be essential reading for everyone who wants to invest in, work at or sell hedge funds.” (Institutional Investor)

Quote of the Day

"The best investors in the world all have one thing in common – they have a well defined plan that they stick with through thick and thin. This plan serves as a north star regardless of where they are along the investment journey."

(Cullen Roche)

Chart of the Day

Sotheby’s ($BID) really doesn’t want to have to make good on auction guarantees.