Longstanding baseball fans fondly remember Hall of Fame pitcher Phil Niekro. The great knuckleballer had a strong motivation for making it as a pro, since the alternative was going to work in the coalfields like his father. When a Milwaukee Braves scout expressed interest in signing him, Phil’s dad stepped in to negotiate over the family’s kitchen table. The scout offered a contract for $275 a month contract and explained that the payment for signing would be $500. As Phil told the story, the senior Mr. Niekro replied, “That sounds good, except for one problem: We don’t have $500.” This tale is probably apocryphal. It suspiciously resembles jokes based on the same misconception about the
FINANCIAL EDUCATION ESSENTIALS
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"Best ideas", R. Cohen, C. Polk, B. Silli, 2010
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"How active is your fund manager? A new measure that predicts performance", M. Cremers, A. Petajisto, 2009
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"The inefficient stock market", R. Haugen, 2002
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"The triumph of the optimists", E. Dimson, P. Marsh, M. Staunton, 2002
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"From efficient market theory to behavioral finance", R. Shiller, 2003
