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.
October 26, 2015
Today it is difficult to imagine an active portfolio manager having the aura of a rock star. But in a period of rising interest rates (1945-1982) it did happen and will happen again. After all, who wouldn’t regard someone with respect who could make them money by outperforming the stock market? Today the common ...
August 21, 2015
From the moment I entered the building I knew that I was in another world. The building was the Burbank headquarters of Warner Brothers Studios. My host, Joe Smith, was President of Warner Brothers Records and our meeting had been arranged by a mutual friend from Boston. Joe was a major figure in the music business and was eager to show me...
July 29, 2015
“Which do you think is more important, the jockey or the horse?” a friend asked years ago. Now I have friends who have become clients and clients that have become friends. This man was one of the latter. At the time, my friend was the senior executive of a major corporation. So I surmised that this was a metaphoric...
June 16, 2015
To recall a lunch from 37 years ago, it has to have had an emotional impact. This one certainly did. I remember feeling somewhat despondent as the lunch began. The guest speaker was the Chief Financial Officer of Toys R Us. At that time, the toy retailing industry was an eight billion dollar business. Toys R Us with $250...
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