To Others, Being Wrong Is

The Trouble With Institutional Investors Is That Their Performance Is Usually Measured Relative To Their Peer Group And Not By An Absolute Yardstick. This Makes Them Trend Followers By Definition.

It Is Better To Have A Cat And Mouse Game Where The Cat Has The Upper Hand Than A Cat And Mouse Game Where The Mice Are Ruling. Because The Latter Means That The Market Participants Are Given Free Range. That Was Actually The Big Misconception Of Our National Hero Ronald Reagan, Who Always Talked About The Magic Of The Market.

The Financial Markets Play An Active Role In Determining What's Going To Happen, How The Economy Is Going To Function.

The Scope For Improvement Is Infinite, Precisely Because Perfection Is Unattainable.

If We Care About Universal Principles Such As Freedom, Democracy And The Rule Of Law, We Cannot Leave Them To The Care Of Market Forces; We Must Establish Some Other Institutions To Safeguard Them.