The Wrong Newsletter

The Wrong Newsletter: In Plain Sight

Some weeks the crowd gets fooled by things nobody could have known. This wasn't one of them.

Three big misses, and in each one the answer was standing in plain sight the whole time. We just liked the story better.


86% of you were sure a dominant Argentina would beat Cinderella Cape Verde by at least two goals.

Argentina needed extra time to win by one.

Cape Verde came into that match having already clawed back from behind twice this tournament — a squad from an archipelago of half a million people, playing like they had nothing to lose because they didn't. We saw "dominant" next to "Cinderella" and filled in the ending we've watched a hundred times. But "the favorite wins" and "the favorite wins big" are two different bets. A hawk is favored over a sparrow every time — and still comes home hungry more often than you'd guess. The hungry, smaller side tends to close the gap, even in defeat.


77% of you thought the Dow would close June under 50,000.

It closed at 52,319 — a record.

The setup was irresistible: Buffett's favorite indicator "screaming sell," the sense that a reckoning was overdue. And it may well be. But an overdue reckoning and next Tuesday's closing price are not the same question. That indicator has flashed "overvalued" for years now — a broken clock insisting it's finally midnight. Markets can stay expensive far longer than any of us can stay patient. We keep betting on the storm because the storm makes a better story than another quiet, sunny quarter.


77% of you called the Madison Square Garden wedding rumor a bluff.

Taylor and Travis got married at Madison Square Garden.

This is the one that should sting a little, because the evidence wasn't hidden — it was a stage going up, in public, at the most famous arena in the country. A no-phone policy was leaking to the tabloids. The venue was quietly going dark. And still we said no, because "too obvious to be true" can feel a lot like wisdom. Sometimes the rumor is just the truth showing up early.


Three misses, one habit worth breaking: look hard at what's actually in front of you before you reach for the story you already know.

Next week's questions are up. Let's see what we're staring straight past this time.

—Phil


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