At least us old men remember what a real bear market is like, and the young men haven't got a clue.

At least us old men remember what a real bear market is like, and the young men haven't got a clue.

The world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.

Volatility is a symptom that people have no idea of the underlying value.

The language "it's too late" is very unsuitable for most environmental issues. It's too late for the dodo and for people who've starved to death already, but it's not too late to prevent an even bigger crisis. The sooner we act on the environment, the better.

Profit margins are probably the most mean-reverting series in finance, and if profit margins do not mean-revert, then something has gone badly wrong with capitalism. If high profits do not attract competition, there is something wrong with the system and it is not functioning properly.

The stock market is overpriced. Everything is overpriced. Junk is king.