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Rekenthaler Report

Wall Street Bungles More Than It Conspires

The left hand doesn't know much about the right.

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The Secret Handshake
My Main Street upbringing taught me that Wall Street--a term that covered not only stock brokers, traders, and the like, but also corporate executives--was a well-organized cabal. Those inside the system were wealthy, because they knew things. Those the outside, such as my schoolteacher parents, would never be initiated into Wall Street's mysteries.

After 30 years of observing the Street, and on occasion being among its members (briefly working at an investment-management firm; hobnobbing with future Wall Streeters while obtaining an MBA), I can safely say that my parents were wrong. Wall Street isn't a fraternity of the informed. It's a throng of confusions, groping its way along a dimly lit passage.

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John Rekenthaler does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.