Good morning. I should read this, probably.

http://alephblog.com/2016/04/09/estimating-future-stock-returns/

Rallying stocks and declining earnings make stocks more expensive…

https://www.bespokepremium.com/think-big-blog/sp-500-trailing-12-month-pe-ratio-hits-six-year-high/

On that IMF growth forecast…

https://www.economist.com/news/finance/21696883-fund-sees-danger-economic-doldrums-imf-downgrades-global-growth

Leverage is on the rise

http://uk.businessinsider.com/1-trillion-bond-bubble-ready-to-burst-2016-4

Interesting chart. I am gonna test this on my kids…

https://www.washingtonpost.com/news/wonk/wp/2016/04/14/this-unusual-test-reveals-how-smart-you-are/

What’s a vote worth?

http://www.economist.com/blogs/graphicdetail/2016/04/daily-chart-10

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