“In these days of intensive business travel, the walls have ears. An indiscreet comment could be all it takes to make a competitor’s day. The shuttle-bus ride from the airport to downtown Tokyo promised to be boring but blessedly short. Frank Calhoun (a pseudonym), a consultant with the management-consulting firm of Fuld & Co., in Cambridge, Mass., pulled out his notepad to outline his itinerary for the day and settled into his seat. ‘I’m telling you, we need to refine our distribution strategy,’ said the man occupying the seat directly in front of Calhoun’s. There was a pause. ‘OK. And what do you suggest?’ asked the man’s seatmate. Calhoun’s ears perked up. He abandoned his itinerary and, for the next 20 minutes, jotted down every word of the conversation that ensued.”

“Bad economic news is bad for stocks again, and good news (if you can find any) is good. But what news is really important?”

“Bad economic news is bad for stocks again, and good news (if you can find any) is good. But what news is really important?”

“In these days of intensive business travel, the walls have ears. An indiscreet comment could be all it takes to make a competitor’s day. The shuttle-bus ride from the airport to downtown Tokyo promised to be boring but blessedly short. Frank Calhoun (a pseudonym), a consultant with the management-consulting firm of Fuld & Co., in Cambridge, Mass., pulled out his notepad to outline his itinerary for the day and settled into his seat. ‘I’m telling you, we need to refine our distribution strategy,’ said the man occupying the seat directly in front of Calhoun’s. There was a pause. ‘OK. And what do you suggest?’ asked the man’s seatmate. Calhoun’s ears perked up. He abandoned his itinerary and, for the next 20 minutes, jotted down every word of the conversation that ensued.”