Wall Street Gibberish

Starting in 2001, quarterly client newsletters have featured an article that debunks the "wisdom" dispensed by the popular media, specialized financial venues, and noted market pundits. The examples of gibberish are often misleading usually because they are supported by precise and correct data. The presentation and interpretation of the numbers can be disingenuous, make inappropriate comparisons, or be designed to give an unrealistic impression.

• 2001, First Quarter: Loss of five trillion dollars.
• 2001, Second Quarter: Misuse of historical data.
• 2001, Third Quarter: "Spinning" investment performance results.
• 2001, Fourth Quarter: Market captitalization to GDP ratio.
• 2002, First Quarter: Missing the best or worst market days.
• 2002, Second Quarter: Leaving out important information.
• 2002, Third Quarter: Inappropriate and biased comparisons.
• 2002, Fourth Quarter: Excluding contradictory data.
• 2003, First Quarter: Not understanding basic probabilities.
• 2003, Second Quarter: Mortgage interest: total paid, tax effects.
• 2003, Third Quarter: NYSE Board and Grasso.
  There were no gibberish articles in the intervening issues.
  
• 2004, Fourth Quarter: Not so independent opinions.
• 2005, First Quarter: More non-independent "independence".
• 2005, Second Quarter: No gibberish article.
• 2005, Third Quarter: "No-load" funds that are really loaded.
• 2005, Fourth Quarter: A "supply-side" economics J.O.K.E.
• 2006: No gibberish articles.
• 2007, First Quarter: Dow's eight-day winning streak.
• 2007, Second Quarter: No gibberish article.
• 2007, Third Quarter: No gibberish article.
• 2007, Fourth Quarter: Most options expire worthless.
• 2008, First Quarter: No gibberish article.
• 2008, Second Quarter: "Official" bear market.
• 2008, Third Quarter: 20-20 Hindsight.
• 2008, Fourth Quarter: No gibberish article.
• 2009, First Quarter: No gibberish article.
• 2009, Second Quarter: No gibberish article.
• 2009, Third Quarter: Not quite gibberish: Lack of Plain English.
• 2009, Fourth Quarter: No gibberish article.
• 2010, First Quarter: Comparing apples to the growth rate of orange trees.
• 2010, Second and Third Quarters: No gibberish article.
• 2010, Fourth Quarter: Misleading data in Barron's "Picks and Pans".
• 2011, All Quarters: No gibberish article.