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Quote of the Day

"More than 85 percent of Yale’s assets are invested in alternatives that can’t or shouldn’t be replaced by index funds. The active-versus-passive debate is irrelevant when so much of your investment activity occurs in a completely different investable universe."

(David Swensen)

Chart of the Day

Disney ($DIS) investors liked the Disney+ announcement. Netflix ($NFLX) holder not so much. (via @koyfin)