Notes: Daniel Drezner’s The Ideas Industry: How Pessimists, Partisans, and Plutrocrats are Transforming the Marketplace of Ideas makes the case against the the rise of public intellectuals, i.e. thought leaders.  (New Republic)

Quote of the Day

"Asset management lies somewhere between brain surgery and estate agency. There are few barriers to entry, but fixed costs are such that it is difficult to prosper without achieving minimum scale."

(John Kay)

Chart of the Day

Is low current market volatility all that unusual?