Notes: Derek Thompson, “Cowen’s book [The Complacent Class] performs the trick of all successful idea-driven non-fiction. It provides an open invitation for the reader to think deeply, even when deep thinking leads to some disagreement.”  (The Atlantic)

Quote of the Day

"CEO compensation isn’t the pay for performance its advocates claim. Instead, it is unmoored from any rational basis. This makes it an inappropriate wealth transfer from shareholders to management."

(Barry Ritholtz)

Chart of the Day

The shift in the Barclays Aggregate Bond Index over time.