We Need, In Effect, To

This Decade Is Strewn With Examples Of Bright People Who Thought They Built A Better Mousetrap That Could Consistently Extract Abnormal Returns From The Financial Markets. Some Succeed For A Time. But While There May Occasionally Be Mis-configurations Among Market Prices That Allow Abnormal Returns, They Do Not Persist.

The Gut-feel Of The 55-year Old Trader Is More Important Than The Mathematical Elegance Of The 25-year Old Genius.

By Far The Most Significant Event In Finance During The Past Decade Has Been The Extraordinary Development And Expansion Of Financial Derivatives.

I Believe That The General Growth In Large [financial] Institutions Have Occurred In The Context Of An Underlying Structure Of Markets In Which Many Of The Larger Risks Are Dramatically -- I Should Say, Fully -- Hedged.

An Almost Hysterical Antagonism Toward The Gold Standard Is One Issue Which Unites Statists Of All Persuasions. They Seem To Sense... That Gold And Economic Freedom Are Inseparable.