Snowfall in Finland Is Above Average This Winter So Why Do The Knicks Keep Losing

You may have heard the news.  Between October 1st and December 31st, the stock market delivered its worst quarter since 2008 to culminate its worst year since 2008.  It was the stock market's worst December since 1931.  What caused the stock market selloff?   As we say often, there is rarely ever a definitive answer [...]

Stocks at an All-Time High

“Congratulations.  I always thought that record would stand until it was broken.”  -Yogi Berra in a telegram to Johnny Bench after Bench broke Berra's record for most home runs as a catcher.   We recently explained why the Dow Jones Industrial Average is a terrible, no good, very bad index.  In spite of our best [...]

The Dow is a Bad Accident of History

I was a recent college graduate and there I was on the trading desk of a large institutional investment manager, entrusted with a role well beyond the pay grade of a newly minted liberal arts history major.  Like many people in their first job out of college, my primary objective was not to make a [...]