An interview with Tim Harford author of Messy: The Power of Disorder to Transform Our Lives.  (Washington Post)

Quote of the Day

"But there is a blind spot for the market, and that’s in extreme events. The market (meaning people) are pretty good at setting odds for most things. But once you start getting to extremes, they’re not so good."

(Eddy Elfenbein)

Chart of the Day

Per McKinsey, Some 25% of actively managed assets in North America are at-risk of disintermediation.