Fear and euphoria are dominant forces, and fear is many multiples the size of euphoria. Bubbles go up very slowly as euphoria builds. Then fear hits, and it comes down very sharply. When I started to look at that, I was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
You know, you look at the chaos in the conservative camp right now, it's only too tempting to blame it all on pot. But in fact, the Reagan revolution owes a lot to Reefer. For one thing, it's made the symptoms of senility socially acceptable.
In the beginning there was only a small amount of injustice abroad in the world, but everyone who came afterwards added their portion, always thinking it was very small and unimportant, and look where we have ended up today.
Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.
In an age where there's so much active misinformation and its packaged very well and it looks the same when you see it on a Facebook page or you turn on your television. Where some overzealousness on the part of, you know, a U.S. official is equated with constant and severe repression elsewhere.
Michelle will tell you that when we get together for Christmas or Thanksgiving, it's like a little mini-United Nations... I've got relatives who look like Bernie Mac, and I've got relatives who look like Margaret Thatcher... We've got it all.