The Wisdom of Viktor Chernomyrdin

The former Russian prime minister is quoted in the July 5 issue of The Economist: Once termed syntactically challenged, he rarely completes sentences. When he does they turn into folklore, the best example of which (“we hoped for the best, but it turned out like always”) is now a catchphrase in Russia. His description of the situation in Ukraine is equally apt: “It has never been like this and now it is exactly the same again.” Seems to me that his insight should be applied to market prognosticators as well.