Despite its vaunted efficiency, the market system built on rewarding risk is fundamentally inefficient. When times are good the long-term thinkers are shouted down. Money talks and “we’re making money” resounds so loudly in the lobbys of the brokerages that the squeaks of the long term crowd are laughable. The problem it turns out is [...]
BTW.. the Fannie Mae/Freddie Mac thing seems symptomatic, because its happening in politics as well. Obama, who was the clear winner of the election 2008– his chances in the prediction markets as high as 2-1 over McCain, is slipping. Our view is that the reason for this is that he, Obama, has gone to the [...]
Goose Hunting and Nascar Out Goosebumps, Car Naps In
With Rumsfelds resignation and steep loses in the House and Senate America is seeing a shift away from Nascar racing, Goose hunting, and church cookies. It is not clear what …
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