John Kay is on fire again with another fantastic column.
His latest is a paean to individual judgement and financial models, as well as some snappy analysis.
"In the new economy bubble of the 1990s, equities roared ahead while property languished. But during 2003-2008, the availability of underpriced credit, followed by its abrupt withdrawal, affected property and shares in similar ways. Anyone in the financial world knew these things: but computers, churning through reams of data, did not."
13 hours ago