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A bad marriage is like an electrical thrilling machine: it makes you dance, but you can't let go.

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Cliff Asness

Making mountains out of molehills sells more books than a study of molehills.

Book, Books, Molehills, Mountain, Study
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Market-cap based indexing will never be driven from its deserved perch as core and deserved king of the investment world. It is what we should all own in theory and it has delivered low-cost equity returns to a great mass of investors. . . the now and forever king-of-the-hill.

Deserved, Forever, Kings, Return, Theory, World

Hedge funds are investment pools that are relatively unconstrained in what they do. They are relatively unregulated (for now), charge very high fees, will not necessarily give you your money back when you want it, and will generally not tell you what they do. They are supposed to make money all the time, and when they fail at this, their investors redeem and go to someone else who has recently been making money. Every three or four years they deliver a one-in-a-hundred year flood. They are generally run for rich people in Geneva, Switzerland, by rich people in Greenwich, Connecticut.

Make, People, Running, Time, Unregulated, Years

You’ve got to guess at worst cases: No model will tell you that. My rule of thumb is double the worst that you have ever seen.

Cases, Guess, Tell, Thumb, Thumbs, Worst

The term bubble should indicate a price that no reasonable future outcome can justify.

Future, Outcome, Outcomes, Price, Should, Term

Listing rights generally involves enumerating things you may do without interference (the right to free speech) or may not be done to you without your permission (illegal search and seizure, loud boy-band music in public places). They are protections, not gifts of material goods. Material goods and services must be taken from others, or provided by their labor, so if you believe you have an absolute right to them, and others don't choose to provide it to you, you then have a 'right' to steal from them. But what about their far more fundamental right not to be robbed?

Believe, Boys, Choose, Done, Taken
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