What Stock to Buy? Hey, Mom, Don’t Ask Me
By N. GREGORY MANKIW
Published: May 18, 2013
OVER the last few weeks, as the stock market has reached new highs, my thoughts have turned to my 85-year-old mother.
Carl Wiens
“O.K. Mr. Smarty-Pants,” she often asks me, “what stock should I buy now?”
She first asked me this question when I was an undergraduate at Princeton, majoring in economics. She asked again when I was a graduate student at M.I.T., earning a Ph.D. in economics. And she has asked it regularly during the last three decades when I have been an economics professor at Harvard.
Unfortunately, she has never been happy with my answers, which are usually evasive. Nothing in the toolbox of economists makes us good stock pickers.
Yet we economists have written countless studies about the stock market. Here is a summary of what we know:
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