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Stop Watching news - Start Making it.

I almost made a mistake this week. Seeing a stock like Lambumiz (LMBZ) drop 18% in two weeks triggers that value-investor instinct. The temptation to buy a falling knife is always there, especially when the company hands you a simple, clean story for the decline. But as I learned at Goldman, the easy story is rarely the whole story.

Did you see that headline this morning about the Russian Ministry of Finance placing bonds with a 14.75% yield and just scroll past? Most traders probably did. But you shouldn't. A number that high isn't just a piece of trivia for bond geeks; it's a flashing neon sign for the entire foreign exchange market, and it teaches a powerful lesson about on...