I'm A Better Economist Than I Was

The Probability Of Ten Consecutive Heads Is 0.1 Percent; Thus, When You Have Millions Of Coin Tossers, Or Investors, In The End There Will Be Thousands Of Very Successful Practitioners Of Coin Tossing, Or Stock Picking.

The Very Nature Of Finance Is That It Cannot Be Profitable Unless It Is Significantly Leveraged... And As Long As There Is Debt, There Can Be Failure And Contagion.

No Matter How Skillful The Trading Scheme, Over The Long Haul, Abnormal Returns Are Sustained Only Through Abnormal Exposure To Risk.

We Ought To Be Opening Up Our Borders To Skilled Labour From All Parts Of The World Because [the State Of The World Is As Follows: ] If We Were To Do That We Would Increase The Supply Of Skilled Workers That Our Schools Have Been Unable To Create And As A Consequence Of That We Would Lower The Average Wage Of Skills And Reduce The Degree Of Income Inequality In This Country.

I Was A Fairly Good Amateur Musician, And I Was An Average Professional. But The One Thing I Saw Was That The Big Band Business Was Fading.