There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.

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

Volatility is a symptom that people have no idea of the underlying value-that they have stopped playing the asset game. They're not buying because it's a company with certain attributes. They're buying because the price is rising. People are playing games not related to any concept at all of what the long-term value of the enterprise is. And they know it.

You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.

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

Although value is a weak force in any single year, it becomes a monster over several years. Like gravity, it slowly wears down the opposition.

By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.