Hope sustains life, but misplaced hope prolongs recessions.

Hope sustains life, but misplaced hope prolongs recessions.

I believe that there is an important kernel of truth in the idea that financial errors recur every other generation.

In general, markets know more than the people who write about them.

Every debt is ultimately paid, if not by the debtor, then eventually by the creditor.

To suppose that the value of a common stock is determined purely by a corporation's earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defense of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed.

To me the gold price takes the form of a very uncomplicated formula, and all you have to do is divide one by 'n.' And 'n', I'm glad you ask, 'n' is the world's trust in the institution of paper money and in the capacity of people like Ben Bernanke to manage it. So the smaller 'n', the bigger the price. One divided by a receding number is the definition of a bull market.