October 2022

Frank Boland
October 13, 2022

Price distortion in the stock market started in 2005 with the impact of high-frequency-trading. Three years later the Fed responded to the debt crisis with 0% interest rates. Both events would lay the groundwork for price distortion. Zero percent would obliterate active stock managers and give rise to trillions in index funds. The zero-interest...


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.

– Alan Greenspan