No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
There is no evidence that the business cycle has been repealed.
History cannot be reduced to a set of statistics and probabilities.
The number one problem in today's generation and economy is the lack of financial literacy.
Excessive optimism sows the seeds of its own reversal.
Greenspan, who knew so much more than most, knew far less than most supposed.