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.

Capitalism believes that its remit is exclusively to make maximum short-term profits.

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

The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost impossible for professionals.

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

I believe the only things that really matter in investing are the bubbles and the busts

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.