Talking Business: Corrections



This past week, many stock markets around the world have been experiencing a "correction" or at least have been in "correction territory". By common consent, but no more formally than that, a correction is a 10% fall from previous high levels.

This raises a couple of questions. Firstly, why call it a correction? Did the markets do something wrong that somehow requires retribution? Hardly. Seems we don't really have an answer.

The second question is maybe more interesting. What's so special about the 10% figure - does it somehow resolve a problem? And why do we feel the need to give qualitative descriptions to events that are essentially quantitative? The answer must lie in the human tendency to wish to express complex ideas in accessible language. We like to "talk business", even when it's not much fun (e.g. in a correction).








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