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Quote of the Day

"It’s one thing to recognize that paying steep prices for assets with moderate-to-nonexistent growth rates is unsound. It is quite another to predict doom. No alleged bubble, in my experience, has been so glaring and self-evident that it must inevitably lead to collapse."

(John Rekenthaler)

Chart of the Day

Defaults matter: how target-date funds have changed equity allocations among age cohorts.