Review: The Wisdom of Finance: Discovering Humanity in the World of Risk and Return by Mihir Desai “is a charming, provocative and readable book.” (FT)

Quote of the Day

"Passive investing is a sideshow as far as stock valuations go. Pay attention to the supply and demand for stock on the whole, and the factors that might lead supply and demand to change."

(David Merkel)

Chart of the Day

How bad is the current managed futures drawdown?