Review: Annie Duke’s Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts is a “smart book” that covers a range of topics.  (Reading the Markets)

Quote of the Day

"The problem with violent moves is that they break things. Things like allocation models. Risk profiles. Margin requirements. And so on...And when things break in the market, the mechanics take over, often forcing individuals, funds, or institutions to do something they don’t want to do – sell indiscriminately – which further exasperates already extreme moves."

(Brian Lund)

Chart of the Day

Another look at S&P 500 drawdowns.