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If some of the smartest people in the world work in financial markets, as is often suggested, why are their forecasts so unreliable? Perhaps the problem starts with the idea that intelligence is related to the ability to correctly and consistently predict the movements of markets and individual securities. A number of factors explain why [...]

The Next Big Thing Anyone studying the long-run history of American business cannot help but observe how many of the prominent firms of one era fail to make it to the next. Free-market economies are characterised not only by intense competition but also by disruptive change. Sometimes a company’s toughest competitor turns out to be [...]