WHY MOST FINANCIAL MEDIA HINDERS, RATHER THAN HELPS, INVESTORS

At the end of a two-day investment conference sponsored by Dimensional Fund Advisors in Los Angeles last month, I couldn’t stop squirming. The final workshop included a slide show highlighting articles from major business publications across the country conveying a range of dire investment messages. Some spouted warnings of impending market calamity. Others urged investors…

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Bragging Rights: Does Corporate Boasting Imply Value Creation?

Abstract We examine all S&P 500 firms over 1999-2014 that publicly characterize their annual performance with extreme positive language. We find that only 18% of such firms increase shareholder value, while nearly 75% have insignificant performance, and the remaining 7% actually destroy shareholder value. Our evidence suggests that firms often base their positive claims on…

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Time To Get In Early

Just as December is the month when financial experts…..sorry dickheads make total fools of themselves by making worthless predictions for the upcoming year so January is the month where everybody bangs on about how January predicts the year. Unfortunately, it doesn’t; it is yet another zombie idea that has taken root in the financial community…

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