BUY THE RUMOR, SELL THE NEWS Last week, we showed how stock markets around the world had been rising in anticipation that Macron was going to win the French election. Since stock markets typically don’t like surprises, we expected them to drop significantly if Le Pen pulled off a surprise victory, and drop much less if Macron won. The stock market is a forward looking mechanism. Typically, market participants place their bets on what they … read more Newsletter #112—Buy the Rumor, Sell the News