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Rekenthaler Report

Don’t Believe What You Read (Except This Column)

The $72 million investment fantasy.

One Step Backward, Two Steps Forward
You've probably seen the headlines: New York magazine admits to being conned. The biweekly published a story of a brilliant New York high school student--Stuyvesant High School, naturally--who had made $72 million, or something near that amount (he was coy), from stock trading. In truth, he had made nothing. The student's stock market experience consisted of simulated trades at Stuyvesant's investment club, where, he claims, performance was "incredible," as his portfolio "outperformed the S&P 500."

(Note that the quote equates "incredible" with beating a market index. Oh, how active management has fallen ...)