Sunday

• On the Keystone XL pipeline: "For 150 years, Americans understood perfectly well that pipelines are the rational way to transport oil. We've reached a new and very troubling paralysis if we can't even agree on such an obvious fact at this point."
• Hussman:"I remain convinced that this unusual period of rich valuations and predictably poor returns will come to an end within a small number of years, and that prospective returns will become available that adequately compensate investors for the market risk they are asked to accept (which has been the case for the vast bulk of market history)."
• "In 1971, the Supreme Court ruled in Griggs v. Duke Power Co., in the first and most famous of the disparate impact theory cases, that the use of broad-based aptitude tests in hiring practices was a violation of Title VII of the Civil Rights Act. Around 1978, college tuition costs began to skyrocket, and haven’t let up since."
• Tim Knight video about the melt-up.