The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.

I find it funny that people who didn't think there was any inflation in the pipeline are now talking about stagflation. This is nothing like the 1970's, which was a pretty dismal period and not just because of polyester and disco.

One thing I detest most about the financial press is the lack of accountability. All sorts of nonsense is said without penalty.

'Excessive regulation in the banking reform bill will destroy a substantial part of our bond-distributing machinery. Can anyone expect that a step of this kind will improve the quality of our long-term investments?'

The market is going to love it. The market always seems to applaud major mergers, even though the vast majority of them don't work out and don't increase shareholder value.

You can blow on the dice all you want, but whether they come up seven is still a function of random luck.

The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.