"A bubble can be identified partly based on nosebleed valuations, but a bubble is also behavioral. When prices are rising simply because they have been rising, when people on the sidelines are drawn into speculation because they can't stand their friends and neighbors making what seems like free money while they themselves are not, the market may be entering bubble territory. In the words of famed economist John Kenneth Galbraith, 'A bubble comes from rising prices, whether of stocks, real estate, works of art or anything else. A price increase attracts attention and buyers, which results in even higher prices.'" -Seth Klarman ("The 2008 Collapse and Its Aftermath: A Financial Market Perspective", June 2013)
Stock Market Returns Are Lumpy (LINK)
Two technologies—better batteries and local distribution networks—threaten the legacy electric utilities [H/T @ChrisPavese] (LINK)
a16z Podcast: Software Programs the World (LINK)
The Promise of Regrexit - by George Soros (LINK)
John Kay on The implications of Brexit (podcast) (LINK)
The visualizations transforming biology (LINK)
Book of the day: The Book of Life: Daily Meditations with Krishnamurti