The Concept Of A General Equilibrium Has

When A Long-term Trend Loses It’s Momentum, Short-term Volatility Tends To Rise. It Is Easy To See Why That Should Be So: The Trend-following Crowd Is Disoriented.

If We Carry This Line Of Argument To Its Logical Conclusion, The Meaning Of Life Consists Of The Flaws In One's Conceptions And What One Does About Them. Life Can Be Seen As A Fertile Fallacy.

The Generally Accepted View Is That Markets Are Always Right -- That Is, Market Prices Tend To Discount Future Developments Accurately Even When It Is Unclear What Those Developments Are. I Start With The Opposite View. I Believe The Market Prices Are Always Wrong In The Sense That They Present A Biased View Of The Future.

Unfortunately, The More Complex The System, The Greater The Room For Error.

I Think That My Foundation Uses The Money Better Than The Government Does. In Any Event, I Do Pay Taxes.