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 16, 2017
The world of active investment management was dramatically and negatively impacted on March 6, 2006. On that day, the New York Stock Exchange became a for-profit organization. The impact of the event would be disruptive to active management for years, yet the impending impact was missed by everybody. After all, who would...