Revolutions Usually Start With Enthusiasm And End

Market Prices Are Always Wrong In The Sense That They Present A Biased View Of The Future.

Giving Government Aid To A Bank Basically Transforms It Into A Utility. The Huge Salaries In This Sector Are Only A Symptom Of A More Profound Misalignment. The Profitability Of The Finance Industry Has Been Excessive. [...] That Was Absurd.

Every Bubble Consists Of A Trend That Can Be Observed In The Real World And A Misconception Relating To That Trend. The Two Elements Interact With Each Other In A Reflexive Manner.

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.

However, Even A Strong Government Can't Perform Miracles. It Needs Money From The Taxpayers.