SmartRemarks

And how did it get that way?

To my surprise and amusement, out of the reams of commentary produced over the last year or two, one of the best summaries I’ve seen showed up attached to the Semiannual Report from the mutual fund company behind some funds I own. In a “Message from the President” attached to the report, MainStay Investments president Stephen Fisher, attempting to explain why customers shouldn’t panic just because every sector of the market is tanking at once, offered a impressively succinct and logical account of just what chain of events and combination of factors created this mess. Read the rest of this entry »