I listen to Bloomberg TV almost all day and all night. And I still cringe when I hear one of the Bloomberg announcers say, "What kind of news do we have to hear before the Dow can make a new all-time high?" It's obvious that these commentators don't understand the market. The market does not operate on the current daily news, the kind of news that you read in your morning newspaper. The function of the market is to discount business conditions as they will exist six months to a year or two in the future.
The Bloomberg crowd can't seem to understand this. Or perhaps they realize that the only kind of analysis that their listeners want or can understand is actual news of the day, the kind of news that will appear in your morning newspaper. Thus, on every rally or decline in the Dow a reason must be ... Log in or subscribe to continue reading.
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