I'm A Better Economist Than I Was

Crony Capitalism Is Essentially A Condition In Which... Public Officials Are Giving Favours To People In The Private Sector In Payment Of Political Favours.

We May Be In A Rapidly Evolving International Financial System With All The Bells And Whistles Of The So-called New Economy. But The Old-economy Rules Of Prudence Are As Formidable As Ever. We Violate Them At Our Own Peril.

No Matter How Skillful The Trading Scheme, Over The Long Haul, Abnormal Returns Are Sustained Only Through Abnormal Exposure To Risk.

I Am Saddened That It Is Politically Inconvenient To Acknowledge What Everyone Knows: The Iraq War Is Largely About Oil.

I Believe That The General Growth In Large [financial] Institutions Have Occurred In The Context Of An Underlying Structure Of Markets In Which Many Of The Larger Risks Are Dramatically -- I Should Say, Fully -- Hedged.