This Year's Nobel Prize in Economics Was a Big, Fat Critique of Financial Media
Three economists won for showing it's impossible to predict short-term stock prices. Don't tell the constellation of stock pickers orbiting around business columns and TV segments.
"There is no way to predict whether the price of stocks and bonds will go up or down over the next few days or weeks," the Royal Swedish Academy of Sciences said in awarding the 2013 Nobel Prize in Economic Science. It continued: "But it is quite possible to foresee the broad course of the prices of these assets over longer time periods, such as, the next three to five years." :lol:
