An excerpt from Michael Lewis’ forthcoming book, The Undoing Project: A Friendship That Changed Our Minds, on the partnership between Kahneman and Tversky.  (Vanity Fair)

Quote of the Day

"I would not invest in the fund of a portfolio manager who was afraid to waffle. Better to equivocate, when required, than to show conviction when it is not warranted."

(John Rekenthaler)

Chart of the Day

Trying to put the bond selloff into some perspective.