The Trouble With Institutional Investors Is That

Stock Market Bubbles Don't Grow Out Of Thin Air. They Have A Solid Basis In Reality, But Reality As Distorted By A Misconception.

I Am Not Well Qualified To Criticize The Theory Of Rational Expectations And The Efficient Market Hypothesis Because As A Market Participant I Considered Them So Unrealistic That I Never Bothered To Study Them.

I Don't Panic. The Same Thing Applies To Me As To Everybody Else, So I'm Given To Euphoria And Despair. And I Would Say That I Basically Have Survived By Recognizing My Mistakes.

There Is Very Little Difference Between Speculation And Investment. The Only Difference Is Basically That Investments Are Successful Speculations Because If You Successfully Anticipate The Future You Make A Speculative Profit.

America Felt Victorious And Generous After World War Ii. They Had Also Learned From The Mistakes After World War I When They Imposed Punishment On Germany. What Became Of Germany? A Nazi Dictatorship Which Threatened The World. Today's Germany Doesn't Feel As Prosperous And Generous As America Then. But Actually, Germany Still Is Very Prosperous.