| This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion publishes each week based on web readership. The top corporate conference calls are attended by dozens of Wall Street analysts whose job it is to maintain detailed earnings and valuation models filled with minutiae. Quarter after quarter, they populate their spreadsheets with revenue and cost assumptions to predict exactly what earnings per share will be months and years into the future. But sometimes that pursuit of the ideal model can lead them to miss the forest for the trees. At least that's how JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon seems to feel about it. On the bank's call last week, executives were peppered with questions aimed at backing into a forecast for net interest income, a measure of how much banks make on their interest-bearing assets net of how much they pay out on their liabilities. It's hard to predict, in part because it depends on the trajectory of the economy, the path of monetary policy, how much consumers save and borrow and the very mercurial shape of the yield curve, which measures short-term interest rates relative to longer-term ones in the marketplace. In financial markets, the best investors aren't those who can predict the future, because no one has a crystal ball. Rather, the most successful ones appreciate the panorama of risks and position themselves accordingly. As a general rule, many stock watchers spend too much time estimating earnings to the decimal point and too little digging into the ways that their thesis might be wrong. Each stock is a story that's being written in real time, not a math problem with a bunch of static and knowable inputs.
Read the whole thing. Trump Immigration Documentary Should Be Shown Now, NBC — Jason Bailey NASA's $100 Billion Moon Mission Is Going Nowhere — Michael R. Bloomberg Florida Is Now Schrödinger's Housing Market — Mark Gongloff US Business Leaders Want Harris' Stability, Not Trump's Chaos — Reid Hoffman Musk Keeps Paying for X — Matt Levine The Perils of Personalizing Your $500,000 Ferrari — Chris Bryant Markets Return to a Trump Tipping Point — John Authers Saudi Arabia and Iran Become Unlikely Bedfellows — Javier Blas Japan Hopes Electric Cars Were Just a Bad Dream — David Fickling Jerome Powell Is Not the Greatest Fed Chair Ever — Allison Schrager Here's what we've been listening to and watching this week. | 
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