Nobody Knows Anything… Ritholz

Barry Ritholz speaks to me in a recent Bloomberg article, “Let’s Say It All Together: Nobody Knows Anything”;

http://www.bloomberg.com/view/articles/2016-05-05/let-s-say-it-all-togther-nobody-knows-anything

Here is the basic thrust:

“I know nothing, but at least I am aware of my own ignorance, and am willing to admit this publicly. Most of the rest of the commentary class has yet to learn this all-important lesson.”

There are links to books by Frank:

“Robert H. Frank is a professor at Cornell’s Johnson Graduate School of Management, and author of numerous books on economics, including a widely used textbook on economics co-authored with former Federal Reserve Chairman Ben Bernanke. In his latest book, “Success and Luck: Good Fortune and the Myth of Meritocracy,” he discusses how underappreciated the role of random chance is in our lives. ”

And Mauboussin:

“In “The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing,” he makes the observation that as any field becomes more crowded with talented, skillful players, the role of luck becomes ever greater.”

On the Sohn Investment Conference:

“Another reminder of the role of luck for better or worse was this week’s Sohn Investment Conference, where professional investors and hedge-fund managers gather to reflect on the state of the investment world. It is a perfect example of this phenomenon. (My colleague Josh Brown does yeoman’s work detailing the event, Parts I, II and III). The illustrious lineup holds forth on various investment themes, economic analyses and, of course, favorite (or hated) stocks.”

But do read the whole thing and the links, too…