Review: High Returns from Low Risk: A Remarkable Stock Market Paradox by Pim van Vliet and Jan de Koning is a decidedly non-quantitative look at the low vol anomaly.  (Reading the Markets)

Quote of the Day

"It’s easy to hate bankers. But if we want to actually fix what’s wrong with Wall Street, we will need to stop mindlessly villainizing it."

(William Cohan)

Chart of the Day

“Increased availability and popularity of vehicles that allow for cheap, convenient, well-diversified market exposure increases the pool of money inclined to bid on equities as an asset class. It’s reasonable to expect that the result would be upward pressure on valuations, which is exactly what we’ve seen.”