Book review: Tyler Cowen thinks Robert Gordon is “is probably right about the past, but wrong about the future” in his new book The Rise and Fall of American Growth

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.  (Marginal Revolution)

Quote of the Day

"Portfolio insurance is not a good ongoing hedging strategy...It’s very expensive and rarely pays off economically. If investors are concerned about losing money on the market, they are better off de-risking."

(Brad Smith)

Chart of the Day

University endowments need to recalibrate their return expectations.

(next.ft.com)

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