“Imagine you pick 1 million random people from around the world every day,” said Toby McDade, chief investment officer of Momentum Fee Capital Management. “Some days, 51% would be in a good mood, 49% in a bad mood.  The next day, maybe it’s the opposite.  Other days, random chance could mean 8% of people are really pissed off for no real reason.  This is basically what the stock-market is on a day-to-day basis.” Asked what his clients thought of this view, Mr. McDade laughed. “Oh my God, you think I could tell my clients that?  How could I justify my salary?” Instead, clients were told, “Monday’s gain was caused by a mix of reversing geopolitical instability, shifting uncertainty patterns, a risk-on atmosphere, and a perfect storm of beta meeting sigma”. But, of course, none knew what those words meant. The above is a perfect example of ......