November 22, 1963—a profoundly sad day in American history—is a memory that seems like yesterday. I was in a first grade classroom in Crossville, Tennessee when Mrs. Gaston told us the news: “The President has been shot.” It seemed like the world stood still for the next four days. I am reminded of the line
Investors can profit from the insights of this year’s Nobel prizewinners in economics. Though each award winner’s viewpoint seemingly contradicts the other’s viewpoint, together they provide insight into how securities markets are valued. Eugene Fama of the University of Chicago is father of the Efficient Markets Hypothesis (EMH); Robert Shiller of Yale University shot down
The Federal Reserve met last week and it made no changes to its large scale asset purchase program. The late spring/early summer experience, where its communications about tapering the program were bungled, drove up interest rates, in expectation that stimulus would be withdrawn in the near future. As markets reacted, the Fed backtracked, and since