Best Of The Web
“In the Financial Analysts Journal over 40 years ago, Charley Ellis of Greenwich Associates famously characterized money management as akin to a game of amateur tennis in which success is not due as much to how many points one wins with great shots, but how one avoids losing points by making bad shots. Even at the professional level, unforced errors are the bane of the tennis player. Adherents of passive investing avoid playing the losing game by minimizing fees and trading costs.
To a large extent, politics is also a losing game. Donald Trump and his senior administration officials continue to undermine his own presidency with a series of unforced errors occurring at a pace greater than his grammatical errors in his daily tweet storms. The time worn finance adage is that the market “hates uncertainty” and while it is difficult to catalogue all of the missteps of the administration, from the partial government shutdown to the resignation of Defense Secretary James Mattis, and the trade war with China to spats with the Federal Reserve, and Treasury Secretary Steven Mnuchin calling bank executives in an effort to reassure the market that there is no liquidity crisis, the list expands on a daily basis.
The market experience in recent weeks reminded investors of the movie “Groundhog Day” in which a weatherman played by Bill Murray finds himself living the same day over and over again. The market opens flat, there is an morning to afternoon rally, and then a rash of selling sends the indexes lower at the close. Lather, rinse, repeat. The nearly 3 percent selloff in the Dow Jones Industrial Average on Monday in a shortened session led to many conversations about the market around holiday dinner tables. Is a recession on the horizon? Is it time to sell stocks? The market bounced back on Wednesday, with the Dow Jones Industrial Average surging almost 5 percent, in yet another whipsaw.”
JJ Editor's Daily Picks
"The likely successor to British Prime Minister Theresa May, Boris Johnson, has plans to subsume the government department overseeing development aid into the foreign office, effectively eliminating it. That will destroy a post-Brexit United..."
"Gerard Baker, editor-at-large at the Wall Street Journal (no reflexively anti-Trump publication) recently wrote a piece decrying Donald Trump and his foreign policy as a fount of erratic unpredictability. This essay will give the counter view...."
"On Wednesday, Congresswoman Ilhan Omar announced that she will be visiting Israel and the Palestinian territories in the coming weeks. Omar will be accompanied by Rep. Rashida Tlaib. The two freshman congresswomen have become a focal point of..."
"Netflix may have lost US subscribers for the first time since it began making its own shows, but that didn't stop the streaming giant from dropping new figures about how many people are sucked into its Adam Sandler vortex. (Spoiler: More than..."
"A few years ago, Amy Balliett, CEO of a Seattle-based design and marketing firm, noticed that as the work week slogged on, her employees’ energy and productivity wilted. “That would slump to such an extent that the same task on Monday would..."
"Over the last few days the #faceappchallenge has taken over social media. This “challenge” involves downloading a selfie-editing tool called FaceApp and using one of its filters to digitally age your face. You then post the photo of your wizened..."
"Although there are plenty of irrational aspects to life in modern America, few rival the odd fixation on lawns. Fertilizing, mowing, watering — these are all-American activities that, on their face, seem reasonable enough. But to spend hundreds..."
"Can a book change the way we think? I don’t mean that in the sense of a reader’s opinion or ideology shifting—of course the right literary work can do that. But can a book rewire the brain itself, literally changing the way one particular mind..."
"It’s our job to let kids know we see and hear them, but we’re not necessarily going to solve siblings’ conflicts for them (or else they never get the practice). When squabbles start, imagine you’re a sportscaster and describe what you see in..."
"Magali Trejo-Martinez, a 22-year-old living in Salem, Oregon, recently went on a date that was rather uninspiring. “I had dinner, had a couple margaritas, and then went home,” is how she recapped the evening. This outcome wasn’t entirely..."
"The first lunar landing was many things — a D-Day-like feat of planning and logistics, a testament to the power of man's will, an ostensible propaganda coup for NATO. It was also, I think, one of the most misunderstood events in the history of..."
"THE FIRST TIME Bernie Sanders ran for president, he didn’t talk much about being Jewish. In fact, he didn’t talk much about himself at all. His 2016 primary campaign, like his whole political career, was relentlessly focused on one topic: income..."