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.
August 22, 2019
With deference to Stephen King and his horror novel “Misery,” it seemed the only appropriate name for my scrapbook. The “book” started 10 years ago when a famous hedge fund manager massively underperformed the S&P 500. Then it happened again with a well-known mutual fund manager. I sensed there was more to come. Over two, three...