Friday, May 7, 2010

Can't Argue with the Doctor's Diagnosis

While everyone holds their own opinions about the various asset bubble we have experienced in the last 15 years, most do not fully understand the mechanisms and psychological mind set that truly enabled them.  The demagoguery recently witnessed on Capitol Hill only serves to illustrate the idea that a little knowledge can be a dangerous thing. I could prattle on about this for quite some time, but I would be unlikely to make my point as well as the perspicacious Dr. Cliff Asness.  A few weeks ago he published an article with the title Keep the Casinos Open.  Give it a read and don't forget the footnotes, although you can save them for the end.

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