Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out including a look at the intangible value of political influence.

Quote of the Day

"It is tremendously humbling to recognize how little we actually know and how easy it is to misunderstand any complex system — be it politics, markets, or just the world around us…"

(Barry Ritholtz)

Chart of the Day

Another example of a poorly timed index substitution. (chart via @ycharts)