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 29, 2016
How often have you heard an investment management firm discuss or write about their sell discipline? Probably never! Most firms don’t have one. I was, in fact, in the investment business for 35 years before I fully realized its importance. Even then, it wasn’t my epiphany. The realization was forced on me by a client who became a friend...