Does Everybody Know?
Until the market spasm today, I was beginning to think that the stock market was acting in sync with Leornard Cohen's "Everybody Knows."
Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows that the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
Thats how it goes
Everybody knows that the boat is leaking
Everybody knows that the captain lied
Everybody got this broken feeling
Like their father or their dog just died
Today I told a professional investor of my acquaintance that I was heavily invested in index funds, and he started talking to me like my dog just died. That (and the Sundance Channel) reminded me of the Leonard Cohen song.
See, that's the market for you. Everybody knows the boat is leaking, even if today there seems to be a patch.
© 2008 Gary Weiss. All rights reserved.