Elves
What it is:
Elves make up a group of analysts and money managers who appeared on the PBS show "Wall Street Week," which was hosted by Louis Rukeyser.
How it works/Example:
"Wall Street Week" aired from 1970 to 2005. In each episode, the elves attempted to predict changes in the financial markets. They became popular for their "elves index," which was notoriously inaccurate. It started in 1989.
Why it matters:
Louis Rukeyser discontinued the elves index in 2001, and some critics argued that they were little more than manifestations of the herd mentality. The elves did make some correct predictions, however.