Word: pros
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Dates: during 2000-2009
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Contrary to Bogle's prediction, though, the rise of the credentialed pros and commensurate decline of often ill-informed part-timers haven't stabilized a thing. This year we've seen the professionally managed market for mortgage securities travel from giddy abandon to deep despair in a matter of months, dragging other markets down with it. That's just this year: think back to the rise and fall of the dotcoms, the emerging-markets meltdown of 1997 and 1998, the bond crash of 1994, the stock crash of 1987. As Bogle put it a few years back, "Keynes one, Bogle...
...recent years this academic faith has faltered, largely because of the realization that it's tough for the pros to do what it takes to keep markets rational. That's partly because they're human and thus subject to the same decision-making quirks as amateur investors. But the crucial limitation is that the professionals are mostly playing with other people's money. If they go against the crowd, they risk having that money taken away from them before their bets have time...
...dubious of attempts to rein in markets themselves. Bogle has argued that professional investment managers wouldn't run off the rails so often if they were forced--by custom and by law--to place more emphasis on moral and fiduciary duty. The unavoidable reality, though, is that the pros simply can't be expected to be much calmer or more rational than the rest...
...then Hemming began to talk about the Marines' new rotation schedule, and their extended tours in Iraq, and the room became more tense. Hemming said there were pros and cons to the rotation. The pros, he said, were that Marines could familiarize themselves with the battlefield thanks to the extra days they serve on it. The cons stemmed from the length of the troops' five-month stateside break between deployments. Speaking more quickly out of what seemed nervous determination, Hemming said, "Our training at home has been very limited." The short stays were particularly hard on families, he said...
...Nable, who cracked first grade in the 1990s, brings an ex-footballer's knowledge and instincts to the task. The players in the film look the part: solid and gnarled, though not chiseled like the pros of today. "It was the aesthetic of the players back then," says Nable, "that even if they were very young, they looked like men." The clubs are real, but the characters don't invoke the names of champions of the era: there are no excruciating pleas to "Stop Reddy" or "Thump Sterling." Sprawling Henson Park, frozen in time on the fringe...