Notes: The story of butter is a historical roadmap of humanity. Thoughts on Elaine Khosrova’s Butter: A Rich History.  (NPR)

Quote of the Day

"At Berkshire there has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information."

(Charlie Munger)

Chart of the Day

Investment grade credit spreads are historically tight.

(twitter.com)