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 22, 2017
It was the fall of 2000. Ed Noonan (founder of Contravisory) and I had gone to Vermont to attend the Contrarian Opinion Forum. Ed had published a SELL recommendation on technology three months earlier. By the fall, the ensuing pullback was seen by many at the conference as a “buying opportunity.” Of course, with perfect...