Ritholtz Wealth Management is hiring! We are looking for an assistant trader to work in concert with our head of trading. All the details here.

Quote of the Day

"Purchasing long-term investment assets requires trust. Doing so involves handing over a valuable possession--that is, money--with no guarantee that the sum will be returned in full (as expressed in real terms), except for certain inflation-protected securities. Investing is an act of faith."

(John Rekenthaler)

Chart of the Day

Lumber prices are down 30% year-over-year. (via @calculatedrisk)