The Fed can change how things look, not how things are

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

In almost every walk of life, people buy more at lower prices; in the stock market they seem to buy more at higher prices.

It's about bums on seats. If nobody wants to listen to what you are doing, it kind of defeats the purpose really, doesn't it?

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.

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

Hope sustains life, but misplaced hope prolongs recessions.