The World Order Needs A Major Overhaul.

I Would Be Lying, However, If I Claimed That I Could Always Formulate Worthwhile Hypotheses On The Basis Of My Theoretical Framework. Sometimes There Were No Reflexive Processes To Be Found; Sometimes I Failed To Find Them; And, What Was The Most Painful Of All, Sometimes I Got Them Wrong. One Way Or Another, I Often Invested Without A Worthwhile Hypothesis And My Activities Were Not Very Different From A Random Walk.

The Worse A Situation Becomes The Less It Takes To Turn It Around, The Bigger The Upside.

The Prevailing Wisdom Is That Markets Are Always Right. I Take The Opposite Position. I Assume That Markets Are Always Wrong.

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.

It Is Much Easier To Put Existing Resources To Better Use, Than To Develop Resources Where They Do Not Exist.