I Fancied Myself As Some Kind Of

Studying Economics Is Not A Good Preparation For Dealing With It.

Outperforming The Market With Low Volatility On A Consistent Basis Is An Impossibility. I Outperformed The Market For 30-odd Years, But Not With Low Volatility.

I Admire Chancellor Merkel For Her Leadership Qualities, But She Is Leading Europe In The Wrong Direction.

As A Society We Can't Live Without Moral Considerations. We Do Have To Protect The Public Good. And Markets Are Not Designed To Do That, So We Need A Political Process.

This Is The Joint Responsibility Of Everyone Who Was Involved In The Introduction Of The Euro Without Understanding The Consequences. When The Euro Was Introduced, The Regulators Allowed Banks To Buy Unlimited Amounts Of Government Bonds Without Setting Aside Any Equity Capital. And The European Central Bank Discounted All Government Bonds On Equal Terms. So Commercial Banks Found It Advantageous To Accumulate The Bonds Of The Weaker Countries To Earn A Few Extra Basis Points.