On The Wall Street Journal's MarketBeat blog, reporter Jonathan Cheng passes along a sampling of quotes from American investment professionals flummoxed by the U.S. markets' being held in thrall to the European debt crisis. Among those quoted is David Waddell, president and chief investment strategist at Waddell & Associates in Memphis:
"My economics degree and analytical background is useless in a political environment, where so much of this is about handicapping whether Europe comes up with a plan or not." While ruminating on the markets during a recent morning jog, it struck Mr. Waddell that success in the stock market required a money manager to be part market historian, part global economist, part stock analyst, part China expert, part political scientist and part psychologist."I should have stayed in school."