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.
March 08, 2013
As we walked back from lunch and stood outside the office building talking, I realized I had but a moment to say it. It was November 2012 and one of our research clients was about to return to his office. “Joe,” I began. “One last thing, I think you should sell Apple.” “WHAT!” he responded?
The stock...