Say Goodbye to Certainty in the Stock Market

We all love certainty in the stock market. We like benchmarks. We like relationships. We like the "official" nature of the Standard & Poor's. We love valuing companies on earnings. We think that price-to-earnings measures never lie. We buy and sell stocks on certain matrices that make us comfortable.

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And in the end of the 20th century, we threw it all out the window.

We made a mockery of the discipline that served us so well. We rendered all that we knew about relationships among bonds, stocks, prices and earnings hopelessly irrelevant. ...