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Quote of the Day

"The leveling of the playing field works both ways. It is true that the relative results of the most skillful players have declined. But it is also true that those of the least skillful have improved. Today's worst fund managers, relatively speaking, are better than those of the past."

(John Rekenthaler)

Chart of the Day

TIPS-derived inflation measures rose early in 2018 but have been flat since then.