The Ultimate Asset Bubble Is Gold.

I Put Forward A Pretty General Theory That Financial Markets Are Intrinsically Unstable. That We Really Have A False Picture When We Think About Markets Tending Towards Equilibrium.

Mankind's Ability To Understand And Control The Forces Of Nature Greatly Exceeds Our Ability To Govern Ourselves

Start By Assuming The Market Is Always Wrong, So If You Copy Everybody Else On Wall Street, You're Doomed To Do Poorly.

If We Carry This Line Of Argument To Its Logical Conclusion, The Meaning Of Life Consists Of The Flaws In One's Conceptions And What One Does About Them. Life Can Be Seen As A Fertile Fallacy.

In Certain Circumstances, Financial Markets Can Affect The So-called Fundamentals Which They Are Supposed To Reflect. When That Happens, Markets Enter Into A State Of Dynamic Disequilibrium And Behave Quite Differently From What Would Be Considered Normal By The Theory Of Efficient Markets. Such Boom/bust Sequences Do Not Arise Very Often, But When They Do, They Can Be Very Disruptive, Exactly Because They Affect The Fundamentals Of The Economy.