Review: Capitalism Without Capital: The Rise of the Intangible Economy by Jonathan Haskel and Stian Westlake explains a lot of current puzzles. (WSJ)

Quote of the Day

"Diversification, risk management, and the avoidance of chasing past performance are all prudent forms of an investment process. But sometimes prudence doesn’t pay in the markets and risk-seeking behavior offers the best payout."

(Ben Carlson)

Chart of the Day

It’s been awhile since international stocks outperformed US stocks on a sustained basis.