Book list: Bill Gates’ favorite books of 2016 including The Grid: The Fraying Wires Between Americans and Our Energy Future by Gretchen Bakke.  (Gates Notes)

Quote of the Day

"Throughout the investment ecosystem, the stresses and strains are increasing. Expectations regarding achievable results for the ultimate owners of assets are generally out of whack with relatively low prospective returns. Costs throughout the system are too high given the outcomes that are delivered."

(Tom Brakke)

Chart of the Day

The Trump bounce is over for biotechs.