The recent trading environment has felt something like walking into a place and having a sense that something is wrong and dangerous but not knowing exactly what will happen or when. “QE Infinity” has so distorted the prices of stocks and bonds that nobody can possibly determine what the investing landscape would look like, or what the condition of the economy and financial system would be, in the absence of Fed bond-buying.

Race is a part of every conversation in America, whether you know it or not.

Successful hedge funds will be entrepreneurial; it is the essence of the craft.

Individual liberty, the basic underpinning of American society, requires constant defense against the encroachment of the state.

The bottom line is that the euro is a failed experiment.

Derivatives trading should be standardized and as much as possible moved to clearinghouses.

Resentment is not morally superior to earning money.