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Quote of the Day

"In this era of big data and cheap computing power, it is easy for anyone to create a winning investment strategy in a backtest. But investing is forward-looking and markets are adept at pricing in known information. Often, a strategy has a one-off experience that drives its outperformance, which is masked in summary statistics."

(Maneesh Shanbhag)

Chart of the Day

On the relationship between the 10-year and mortgage rates.