Truth and what is worse than stupidity

I have to say  I am one of those stupid people. But I still can’t help the feeling that even worse is to lose money knowing that you lost to people who were abjectly clueless…and that they will be on the beach sipping pina colada’s until they have a coronary heart attack or get dementia if they are so predisposed. Yes, while I am still wisening up, there is also a lot of merit to the argument that there should be no stock markets….and a lot of other things I guess….like a central bank that promotes income inequality in perverse and obvious ways…

““Mr. Summers is known for perhaps the most efficient rejoinder to the efficient-markets theory. ‘THERE ARE IDIOTS. Look around,’ he famously wrote in an unpublished paper.”

Of course, the more interesting thing is that Fisher Black at one point it seemed agreed with Summers…

 

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