Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.

 

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7/15/04
Reading The Smoke by George Zachar

The bond market is trying to guess which indicator Greenspan will choose to focus on in his testimony next week.

He can choose series that magnify or downplay price pressures, or he can say the data available are too scant, or too in thrall to some temporary distortion.

It's like Keynes' old metaphor of judging the judges of a beauty pageant, only here, there is but one judge.