Notes: Jason Calacanis is “peddling a kind of populist movement for investing” in Angel: How to Invest in Technology Startups–Timeless Advice from an Angel Investor Who Turned $100,000 into $100,000,000.  (NYTimes)

Quote of the Day

"While seemingly prudent, using historical returns to forecast future returns is a dangerous financial planning shortcut."

(John West and Amie Ko)

Chart of the Day

The S&P 500 has never had a year with this small a drawdown.