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.
June 25, 2012
I knew the highboy would be expensive. But when you’re 22 and starting out in the investment business, well, you’re very confident. Have to be. Besides I had saved $10,000 for my upcoming wedding. That was an unimaginable sum of money for a 22-year-old in 1967. What I had no way of knowing was that, in the stock market, the emotional...