Industrial Insight

we think in stories

March 31, 2014
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Robert Shiller’s Nobel Knowledge

Yale University economics professor and Nobel laureate, Robert Shiller on the art of stock-picking and the complex psychology of investors

By David Wessel

Updated March 26, 2014 11:02 a.m. ET

http://online.wsj.com/news/articles/SB10001424052702304256404579451513719842826?mod=WSJ_hp_EditorsPicks&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304256404579451513719842826.html%3Fmod%3DWSJ_hp_EditorsPicks

Psychologists have argued there is a narrative basis for much of the human thought process, that the human mind can store facts around narratives, stories with a beginning and an end that have an emotional resonance. You can still memorize numbers, of course, but you need stories. For example, the financial markets generate tons of numbers—dividends, prices, etc.—but they don’t mean anything to us. We need either a story or a theory, but stories come first. Most people don’t really get around to much in the way of theory.


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Weekly steel production

March 25, 2014
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Steel Production is going up forecasting growth for steel foundries this first half of the year.


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weekly steel production looks flat

March 18, 2014
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Steel production

March 12, 2014
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Steel production appears to be on a modest upward trend since the beginning of the year.


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Steel prices through February

March 7, 2014
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Steel prices rose modestly since early 2013. They fell in February.


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