It seems superfluous to constrain trading…

It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade. The worst have failed; investors no longer fund them and are not likely to in the future.

The recent period has been marked…

The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…While these tendencies were no doubt in train in the “old,” pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.

Clearly, sustained low inflation implies less…

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

But how do we know when…

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

This decade is strewn with examples…

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.

After more than two decades of…

After more than two decades of trying to destroy the firearms rights of more than 80 million law-abiding American gun owners – and statistically failing to show any impact on violent crime – the Brady ‘Campaign Against Illegal Guns’ is yet another crusade whose ultimate goal is to trample the Second Amendment into dust.

I usually do one con a…

I usually do one con a year as a GoH and try to make the World Fantasy Convention for business purposes. Last year I went to a worldcon for the first time in two decades. I may go again this year.

Someone’s always calling for my resignation…

Someone’s always calling for my resignation. It’s nothing new. It’s something that’s been part of my tenure at Exodus over the last decade plus. So he can add his voice to the chorus of others whether it’s gay activists or now a New Testament professor.