Yes, black swans exist, but, like the actual bird, never forget: most swans are white…

Must Reads of the Week

Our favorite reads of the week and the quotes that make them worthy…

“But established wealth managers should take little comfort in whatever growing pains fintech firms might encounter.”
Wealth-Management Firms Battle Over Millennials by Rob Curran | The Wall Street Journal

“Instead, allocators may need to embrace managers with more opaque, replicable advantages to generate returns in a more challenging environment.”
What Billy Beane and Jim Simons Have in Common by Ted Seides | Institutional Investor

“Yes, black swans exist, but, like the actual bird, never forget: most swans are white.”
Exception To The Rule by Nick Maggiulli | Of Dollars and Data

“We get into some deep detail on how tests are set up, the importance of data, and how the minimization of error is a guiding light in machine learning and perhaps all of human learning, too.”
Machine Learning in Investing by Jeremiah Lowin | The Investor’s Field Guide

“That investors with more academic smarts than perhaps any group before or since managed to lose everything says a lot about the limits of intelligence.”
Different Kinds of Smart by Morgan Housel | Collaborative Fund

“Getting more low-income students into elite colleges like Harvard and Stanford is an important goal. But it can’t replace race-based affirmative action.”
At Elite Colleges, Racial Diversity Requires Affirmative Action by Susan Dynarski | New York Times

“What biologists Austin Burt and Andrea Crisanti proposed was nothing short of hacking the laws of heredity.”
Here’s the Plan to End Malaria with Crispr-Edited Mosquitoes by Megan Molteni | Wired

“His breakthrough came in 1987, when he was first able to hold living bacteria using the radiation pressure of laser light much like a Star Trek tractor beam.”
Nobel Physics Prize Awarded to Trio for Laser Inventions by Robert Lee Hotz and Joanna Sugden | Wall Street Journal