This week the world met WeWork founder Adam Neumann. The meeting did not go well. In recent months, WeWork had been preparing an initial public offering for its stock, and things seemed on track. But by the end of this week, the IPO had been shelved and Neumann was out of a job. The proximate [...]
Burry’s warning
Earlier this week, an investment manager named Michael Burry made waves when he issued an apocalyptic forecast: Index funds, he said, are in a bubble similar to the housing bubble that ended very badly in 2008. Burry couldn’t say when that crash will happen but noted ominously: “The longer it goes [...]
My broker
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. [...]
Measure for measure
As the old saying goes, there are lies, damned lies and statistics. And then there is investment performance, which may deserve a category of its own. This topic came to mind recently when I saw a press release heralding the accomplishments of a retired non-profit executive. Among the claims: [...]
An obscure story worth understanding
A little while back, The Wall Street Journal ran an article with a puzzling title: “How China Pressured MSCI to Add Its Market to Major Benchmark.” Like a lot of market news, this arcane-sounding story came and went without much notice. But it is worth pausing to understand what it was all about, [...]
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