The stock market this year reminds me of one of Rorschach's inkblot tests. Year-to-date, U.S. stocks have gained nearly 10 percent, but it's very difficult to know what to make of it. Bulls point to this year's tax cuts and believe that the market makes complete sense. Bears, on the other hand, [...]
Rosy statistics
In the mid-1990s Federal Express had a problem. Though the company's safety record was exemplary, regulators had proposed new rules that would have posed an operational nightmare for the giant shipper. The company flew Boeing 727 air freighters that each accommodated eight containers. Though they [...]
Being too sure
In 1900, the noted physicist Lord Kelvin declared, “There is nothing new to be discovered in physics now.” In the annals of inaccurate proclamations, this one stands out. Just a few years later, Einstein published his Theory of Relativity and, in the following years, proceeded to upend many of the [...]
Succeeding like Kanye
Kanye West, it turns out, is one heck of an investor. According to a recent analysis, a group of West's stock picks this year has beaten the overall market by forty percentage points. It's an astonishing result. What, if anything, can we learn from it? First, some background: As you may know, West [...]
Great Eight
In 2013 a curious thing happened in Stockholm. The Royal Swedish Academy of Sciences awarded the Nobel Prize in economics to three academics who had developed theories about stock prices. What was odd was that two of the recipients — Eugene Fama and Robert Shiller — couldn't have been more opposed [...]
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