The World's Smartest Bad Investors
In 1996, Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, published a rueful essay in the journal Financial Management, recounting a story of how he lost money in the markets. It started with a victory: Thinking he had detected a pattern in the futures market, he and some other professors bet some money on it and won. Encouraged, they doubled down, only to find that the pattern had disappeared. Eventually, Ritter learned that the legendary Fischer Black of Goldman Sachs had figured out what he and others like him were doing and had traded against him, thus taking his money.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Trump Falls on Ceremony. He Should Stop Trying.
- Richard Spencer Has Only Himself to Blame for Hecklers
- Sorry, President Trump. You're No Chester A. Arthur.
- Who Has the World's No. 1 Economy? Not the U.S.
- Russia Is Using Marxist Strategies, and So Is Trump
- A Russian Take on 'The Americans' Scares Moscow Liberals
- Trump’s Quiet Campaign to Undermine Background Checks