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.