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Money Machine by Gary Smith

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WE’RE ONLY HUMAN

There is nothing so disastrous as a rationalinvestment policy in an irrational world.

—JOHN MAYNARD KEYNES

Sears is a legendary American success story. Sears began as a mail-order catalog selling everything from watches and toys to cars and ready-to-assemble houses and evolved into the nation’s largest retailer. Sears was in the Dow Jones Average for seventy-five years, but struggled in the 1990s to compete with discount retailers like Walmart, Target, and Home Depot. Sales and profits fell, and Sears stock price dropped nearly 50 percent between June and November 1999. Home Depot, on the other hand, was opening a new store every ...

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