The Story that Bewitched Us All and Turned Wall Street into a Managed Market

Perhaps one of the most interesting observations history will make in regard to the present bull market is just how much it’s governed by language and not numbers. While this may have always been true to some extent, there are few times in the history of the American stock market when this fact, by itself, so obviously outweighs fundamental and technical considerations.

So clear and present is the power that language, backstopped by no more than mere words, wields over today’s market that I’d even go so far as to describe what it has become as a managed stock market.

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