Reading regularly The Wall Street Journal and the Financial Times, I have been following the stock exchanges in New York and London for some six or seven years now. Day by day, I check what is going on. To my continuing amazement, stock exchanges are like kindergartens. They respond to many pieces of news from around the world almost instantly. Good news, buy. Bad news, sell. Like children, the so-called investors do not think ahead. They are about the everlasting present. The best example is the “good news” that Angela Merkel and Nicolas Sarkozy agreed yesterday on something or other concerning the Greek mess. That little something was entirely irrelevant, for the mess is far from resolved, but the news was still considered good. And stock exchanges were jubilant for a few hours. Pathetic, to say the least. Much of the world’s future is in the hands of a bunch of kindergartens.