Blip or trend? When does the short run become the long run?

The worst job in journalism is to be the person who has to explain why the stock market went up or down today. The working journalists who show up at the Fraser Institute’s program for journalists invariably agree.The easiest way to do it is personification: the market was moody today, or nervous, or confident, or restless and unsettled.Or it didn’t react well to this or that piece of news, or, if nothing much happened, it was waiting for this or that new statistic due out later in the week.In reality, of course, the market moved for millions of reasons having

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