Book review: Knowing stuff still matters. Head in the Cloud: Why Knowing Things Still Matters When Facts Are So Easy to Look Up by William Poundstone is a good read. (Reading the Markets)

Quote of the Day

"Smart beta is such a clever name — second only to the clever Scots who changed the name of death insurance to life insurance. The guy who came up with it has already made a large fortune on the name. Portfolio insurance was another clever name until it failed miserably."

(Charlie Ellis)

Chart of the Day

Hardvard’s endowment has lagged of late.