Recommendation: Adaptive Markets: Financial Evolution at the Speed of Thought by Andrew Lo is an “important book.”  (FT)

Quote of the Day

"For most of us most of the time, worrying will surely be counterproductive. It will lead to bad decisions and poor returns. So please, remember, worrying is a serious offense."

(Robert Seawright)

Chart of the Day

Policy uncertainty has risen while implied vols have fallen.