Random Walking

In his classic book, “A Random Walk Down Wall Street,” Burton Malkiel states that knowledge of what happened in the world and markets yesterday is of no value in predicting what the market will do today. The headline on today’s Wall Street Journal reads “Yellen Debut Rattles the Market.” The lead article reported that Fed Chairperson Janet Yellen hinted that the Fed will start to raise interest rates over a year from now and this caused a selloff by investors who feared a slowdown or decline...