Review: “If you’re new to value investing and want a fast-reading primer, Charlie Tian’s Invest Like a Guru: How to Generate Higher Returns at Reduced Risk with Value Investing is just the ticket.”  (Reading the Markets)

Quote of the Day

"The greatest trick the industry ever pulled was making LPs believe that they could consistently leverage beta and not get caught with their hand in the cookie jar, giving up years of returns in a matter of months."

(Leigh Drogen)

Chart of the Day

Volatility kills, albeit slowly.