Howard Simons' Tribute
Professor Andrew Lo of the Massachusetts Institute of Technology gave one of the more interesting addresses at the conference. Lo demonstrated, as much as one can, that some of the more common technical indicators and chart patterns do have a predictive capacity.
Bill Meehan's column on the following Monday,
Readers of Bill Meehan -- and I was one; he was an analyst's analyst -- will recognize the reference to his signature description of the market as the Street of Dreams. This was never said in a braying or condescending way, nor did he ever gloat over his very many good calls on the market, higher as well as lower, during the past year.Bill, it's all a Street of Dreams. The minute we stop dreaming, the minute we stop believing, the minute we stop trying, is the minute this great country, this last best hope of humankind on earth, stops being America. There are flags flying for you today. You made a difference in my life and the lives of others. We shared some space once, and if I'm lucky, we'll do it again someday.