I’ve been thinking about predictions the past few days since an old pal, Jim, called—his voice brimming with cheer. It was after another of those depressing down days in the stock market that we’ve seen all too often lately. Jim, a longtime options trader, is still involved in investments. I wondered why he was so chipper.
“I just realized,” he chirped, “that the market’s almost back down to where it was in 1995, when you were saying you thought it was getting overvalued.”