Predictions for the coming year

It is appropriate at this time of the year to recall one of Sir Winston Churchill's remarks: "I alwa...

It is appropriate at this time of the year to recall one of Sir Winston Churchill's remarks: "I always avoid prophesying beforehand, because it is much better to prophesy after the event has already taken place.'' That should be nailed to the desk of every economist, broker or journalist tempted by the turning of the year to offer some predictions for the next 12 months. It is risky territory. That said, this column can claim modest success in 2004: five hits and three misses. Here are the ones that were on target: Lazard LLC went for an initial public offering; hedge funds started listin...