Review: How to Turn Down a Billion Dollars: The Snapchat Story by Billy Gallagher is a “timely corporate biography.”  (FT)

Quote of the Day

"Price volatility is near universally discussed as a bad, or worrying thing. In fact, volatility should be welcomed by thoughtful investors who seek to follow the deceptively simple practice of trying to buy stocks and bonds for less than they think they are intrinsically worth."

(Miles Johnson)

Chart of the Day

Implied correlations are once again on the rise.