Excerpt: From Tyler Cowen’s The Complacent Class: The Self-Defeating Quest for the American Dream. (Time)
Quote of the Day
“Many of these [pension funds for public employees] funds are woefully underfunded, in part because they have suffered a double whammy: poor investment performance accompanied by huge fees. The resulting shortfalls in their assets will for decades have to be made up by local taxpayers.(Warren Buffett)
Chart of the Day
Sentiment is elevated no matter how you slice it.