Thursday, September 11, 2008

Plan Ahead

After Legg Mason Opportunity fund tumbled 20%--two times more than the benchmark index, Bill Miller wrote about the Nobel-Prize winner Ken Arrow, who was enlisted to make long-range weather forecasts for the military during WW II. He said his forecasts were worse than useless. The general said that he knew the forecasts were of no use, but needed them anyway for planning purposes.