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.

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

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

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

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

Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.

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.