Book notes: Matt Levine, “I tend to think of the Wall Street memoir as a sub-category of the addiction memoir.” and that includes For the Love of Money by Sam Polk.  (Bloomberg View)

Quote of the Day

"(E)asy alpha is only a dream. This is because the vast majority of portfolio managers, traders, investment experts, and analysts are highly educated and credentialed, have access to the latest technology and information, and have expert knowledge of the financial markets."

(Chris Philips)

Chart of the Day

The VIX is now at its lowest level since August 2014. (via @TheStalwart)