Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
January 18, 2011
It was late 1997 and a roaring bull market; close to the very apex of the Internet bubble. Strangely, most portfolio managers were not beating the S&P 500 benchmark. Lost in thought about this, I reached for my ringing telephone. It was Roland Grimm asking if I were free for lunch. That’s like Peter Lynch calling for...