The Man Who Knew: The Life and Times of Alan Greenspan by Sebastian Mallaby is the 2016 winner of the Financial Times and McKinsey Business Book of the Year award.  (FT)

Quote of the Day

"What’s clear is we’re in the middle of a revolution caused by indexing. It’s reshaping Wall Street, it’s reshaping the mutual fund industry. And it’s doing something very simple: shifting the allocation of stock market returns away from Wall Street and toward Main Street. We’re beyond the beginning, but nowhere near the end."

(Jack Bogle)

Chart of the Day

Private equity firms are sitting on a pile of ‘dry powder.’