Notes: History is more cyclical than we thought. Insights from Tyler Cowen’s forthcoming new book The Complacent Class: The Self-Defeating Quest for the American Dream.  (Marginal Revolution)

Quote of the Day

"Markets are stable and markets are changeable. What makes markets challenging to trade is that periods of stability, whether they be trends or ranges, give way to shifting periods and vice versa."

(Brett Steenbarger)

Chart of the Day

Emerging market bonds have gotten extended.