Books Grinding It Out: The Making of McDonald's -- I should have read this book a long time ago. It's short but exceptional. Ray Kroc had a fascinating life and a very clear, unique business philosophy -- always a good combination in a book. In-N-Out Burger: A Behind the Counter Look at the Fast-Food Chain That Breaks All the Rules -- A different playbook from the same industry and era. The story itself is fascinating, the business lessons are timeless, and the food may be be

Facts and Figures The term "non-GAAP" appeared in 58% of proxy filings for S&P 500 companies reporting so far in 2016, up from 27% of those same S&P 500 constituents five years ago. (Source: Audit Analytics) Spinoffs worth a combined $251 billion were completed globally in 2015, up roughly 2x from 2014 and from the average of the post-GFC years. The S&P Guggenheim Spin-off ETF, which tracks the performance of spinoffs, is down 17% in the last 12 months. (Source: WSJ, Dealogic