Endorsement: On Ross Baird’s The Innovation Blind Spot: Why We Back the Wrong Ideas and What to Do About It, “I encourage everyone in the innovation economy to read it.”  (Brad Feld)

Quote of the Day

"Giving up some liquidity not only offers additional returns; it guards against investors’ temptation to misbehave, which is the single biggest problem in public markets."

(Morgan Housel)

Chart of the Day

Gold loves negative real rates.