<b>The Takeaway:</b> Brace yourself for the biggest bankruptcy in history!

Portfolio

Stock indexes hit record highs and yada yada yada, so boring.  (Reuters)

5 tips on doing better index investing.  (Rick Ferri)

Twelve investing lessons from Daniel Kahneman.  (25iq)

The Biz

Hear that? It’s your financial advisor tweeting. Why social media early adopter Raymond James is switching software providers.  (DealBook)

Hedge fund investors withdrew an estimated $10.1 billion from the investment vehicles last month  (Focus On Funds)

The average age of a financial advisor is 50 – and they’re retiring at an alarming rate.  (TIME)

The problem of small accounts for an RIA.  (Aleph Blog)

Brokers freaking out after Yale Law School sends letters to 6000 401(k) plan sponsors about their expensive 401(k)s.   (Investment News)

Ultra-high net worth families surveyed plan to buy a lot more stocks.  (Think Advisor)

Morgan Stanley wealth management unit posts a massive surge in profit, revenue growth.  (WealthManagement)

BlackRock also reported a massive 30% jump in profits as investor cash continues pouring into its funds.  (Bloomberg)

Outliers

The city of Detroit is about to file for the biggest bankruptcy of all time.  (Business Insider)

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Disclaimer: Joshua Brown is an investment advisor representative with Fusion Analytics. The content above is for informational purposes only, nothing here should ever be construed as investment advice or a solicitation to trade any securities. Mr. Brown or his firm may be long or short securities mentioned above for client or personal accounts at any time.