I'll never forget my first interaction with Wall Street. I was in my early 20s, just getting started in my career, when I was introduced to a stockbroker—let's call him Eddie. He was a pleasant fellow with a good reputation and all of the trappings of success, including a DeLorean in the driveway. [...]
McArthur Wheeler
One spring day in 1995, a fellow named McArthur Wheeler walked into two banks near his home in Pittsburgh and robbed them at gunpoint. He almost got away with it—except for one critical flaw in his plan: The disguise he chose didn't disguise his face at all. Instead of the usual stocking cap or [...]
Beating the pros
A few days ago, when the calendar rolled over into May, I was reminded of a saying I used to hear when I worked in the world of stock-picking: “Sell in May and go away.” The idea—based on questionable data—was that stocks lagged during the summer months. This notion always seemed suspect to me, but [...]
Managing a windfall
A few days ago, life changed for 24-year-old Manuel Franco of West Allis, Wisconsin. The winner of a recent Powerball lottery, Franco took home $326 million after taxes. With this large a sum, it shouldn't be hard for Franco to make his winnings last a lifetime. But that's an extreme case. More [...]
An empty room
On December 7, 2005, a curious thing happened in a Harvard classroom. Professor Michael D. Smith stood in front of a group of computer science students to introduce a guest speaker: entrepreneur and former Harvard student Mark Zuckerberg. What was curious was that the room was nearly empty. The [...]
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