Technology is spurring innovation, and the so-called "demographic dividend" has brought change.

We're essentially continuing a system where profits are privatized and...losses socialized.

Technology is spurring innovation, and the so-called "demographic dividend" has brought change.

What we need to understand is, one, that there are market failures; and two, that there are things like asset bubbles and irrational exuberance. There are periods of booms, bubbles, and manias. These things, if left to themselves, can lead to crashes, to busts, to panics.

Gold has no increasing value. And if you're really worried about, say, inflation rising, I would buy Spam. You know, you can eat Spam. You cannot eat gold.

If you worry about financial Armageddon, it is indeed metaphorically the time to stock your bunker with guns, ammunition, canned food and gold bars.

I believe investors should invest for the long run, so I don't buy and sell. I usually maintain the classic index of global equities, diversified U.S. and global and emerging markets, and when the risk is larger, I diminish the amount in global equities and put more into liquid assets - but very irregularly.