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Barry Ritholtz

Think You're Smart? Markets Are Laughing

Investors have little understanding of the events unfolding before their own eyes.
They know not what they do.

They know not what they do.

Photograph: Andrew Burton/Getty Images

Once again, the markets prove that nobody knows nuthin'.

Following a bit of oil-driven turmoil the past few weeks, financial markets took off on Wednesday and Thursday. The Standard & Poor's 500 Index had the biggest daily back-to-back gains since March 2009. Underinvested fund managers, short-sellers and even long-only, fully invested money managers worried that they didn't have enough global equities.