Tuesday, June 8, 2010
Barry Ritholtz Takes Umbrage at the WSJ Op-Ed Page.
"I have railed in these pages [his blog] against the ideological, fact-free OpEd in the WSJ — not because of the politics, but because they have been such consistent money losers. That would not matter so much if it were the NYT or the Podunk Press, but this is the Journal, for crying out loud, It is supposed to be the paper of record for investors.
That the money losing OpEd page of the WSJ produces its most well read articles goes a long way in explaining one thing: Why 80% of money managers underperfom every year. Filling your head with Ideology, becoming a “magical thinker,” ignoring data, making up your own facts — these are a recipe for under-performing asset managers.
If I were to create a list of questions to ask potential managers of my money, one of them would be: “Do you read the WSJ OpEds?”
If the answer were yes, I would not walk but run in the opposite direction"
Bill: The above in reaction to an Op-Ed by Art Laffer. I won't sully your day quoting Reagan's fav. "economist". Suffice to say that many think Laffer is a laffer. NB Northern Trust.