The Market Rallied for Reasons Nobody Predicted
The market rallied early this morning for reasons nobody understands and nobody predicted. CNBC analysts confidently asserted it had something to do with the Senegalese money supply, but others pointed to revised monthly figures showing a poor tuna haul off the Peruvian coast. All in all, it was a normal day on Wall Street.
— Anonymous
Long-time Wall Street Journal financial columnist Jason Zweig recently republished this anonymous column, which first ran in the Journal under the headline "The First Totally Honest Stock Market Story."
The piece skewers the typical, shallow financial reporting that appears in most media outlets. Three decades after this story first appeared, financial commentary hasn’t changed much.
Today's media and social media opiners seldom have more to offer than plausible-sounding fiction. The state of affairs reminds me of the old Wall Street crack that investor Barton Biggs cited on the first page of his classic book, Diary of a Hedgehog:
"If anyone really knew, they wouldn’t tell you."
That line says it all. The people who really understand the markets don’t need to explain them on TV or on X.com.
✦ Watch for tomorrow’s newsletter in your inbox.
Disclaimer: This newsletter is for informational purposes only and does not constitute financial advice. Please consult a qualified financial advisor before making any investment decisions. Links on this page may be affiliate links, meaning your purchases help support this newsletter. Quotes may be edited slightly for clarity. Images represent our best effort. Copyright © 2025 mydailyoracle.com. All rights reserved.
No spam, no sharing to third party. Only you and me.
