A good society is one in which *most* people do things for incentives that are not monetary, like pride, reputation, and recognition. A great society is one in which *some* people do things for no incentive at all.
I don’t invest in the stock market because I think it’s a sucker’s game. I make my money and I put it in a repository [of value]. Or sometimes I just do these bets for entertainment, nothing else, so I can have a conversation with someone once in a while on a train or on a plane. That’s the only reason. So I stayed in cash, for years, and then realized that the value of my cash became monstrously high after the crisis. The last 12 years, the stock market did nothing, and cash yielded 40, 50, 60 percent.
Shared by JohnH
HatTip to Dave Lull
Nassim Nicholas Taleb, author of
the best-selling book “The Black Swan,” said he’s more
concerned about prospects for the U.S. than Europe because the
country lacks awareness of its fiscal woes.
“The difference between Europe and the U.S. is the
consciousness of the problem,” Taleb, a New York University
professor, said today at a news conference in Tokyo organized by
Bank of America Corp. “There’s no consciousness in the U.S.”
about the fiscal deficit, he said.
One person cannot be possibly inferior to another unless he himself starts by making a comparison.
A question rarely aims at getting an answer; it is the answer.