Book review: Derivatives Essentials: An Introduction to Forwards, Futures, Options, and Swaps by Aron Gottesman is an excellent textbook/self-study guide.  (Reading the Markets)

Quote of the Day

"The wisdom of buy and hold is not that stocks always outperform. They don't. And it's not that you'll always get rich over time. You won't. It's that stocks tend to be the best-performing asset over long periods of time, and trying to shorten that time by jumping in and out of other assets is the express lane to misery and regret."

(Morgan Housel)

Chart of the Day

Emerging markets are rolling but China is not.