Recommendation: Shane Parrish recommends the “financial thriller” Fear City: New York’s Fiscal Crisis and the Rise of Austerity Politics by Kim Phillips-Fein. (Farnam Street)

Quote of the Day

"Unless you’re employed by a hedge fund that’s very well-diversified, you should probably not sleep easy at night: your job could disappear at any moment."

("Graham Clarkson")

Chart of the Day

The stock market just can’t stop making 52-week highs.