“The four most expensive words in the English language are ‘this time it’s different.’” It’s different this time, and it’s also not different this time. It’s different this time because the credit-driven U.S. economy is burdened with a monumental level of financial obligations relative to GDP.
By Adam Strauss
“I think I’ve been in the top five percent of my age cohort almost all my adult life in understanding the power of incentives, and yet I’ve always underestimated that power. Never a year passes but I gets some surprise that pushes a little…”
Is the sun setting on the Illinois pension system? Unfortunately, the pension situation in Chicago is no better than the Illinois pension situation. Moreover, other states and municipalities outside of Illinois have similar pension funding problems, although not to the same extent as the underfunding disaster in Illinois and Chicago.
What does it mean to be “overconfident?” In technical terms, it means that a person’s subjective confidence in his or her own judgment, ability, or belief is greater than the objective accuracy of that judgment, ability, or belief.
The airline industry has undergone fundamental changes in the past five to seven years that have made it far more interesting to investors (including Mr. Buffett, it seems).
History often repeats itself; when the economy is persistently weak, populism and trade protectionism tend to rise.