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Risk means more things can happen than will happen
—Elroy Dimson, not Peter Bernstein, as was attributed by Howard Marks
Now comes Stage 4: the slog
NYT: Leonhardt
it’s still the traditional news portals who tend to break the news. Blogs followed up the stories an average of 2.5 hours later
Cornell Researchers
the effects of noncompete clauses extend far beyond the world of intellectual property. They reduce movement in the labor force – which serves the immediate interests of established employers but discourages entrepreneurship.
Boston Globe
a remarkable friendship
Mark Sanford
They’re looking to take some money off the table because they think the rally will come to an end. It’s the most bearish we’ve seen insiders, on a whole, in two years.
Ben Silverman, research director at InsiderScore
The arc of the moral universe is long, but it bends toward justice.
Martin Luther King
It’s too early to speak of an alternative
Alexei Kudrin, Russian Finance Minister, on the role of a dollar as a reserve currency
Thought did not evolve nature, but nature evolved thought.
—Henry Adams on the materialist aspect of a Dynamic Theory of History
Property is an intellectual production. The game requires coolness, right reasoning, promptness, and patience in the players.
The farmer’s dollar is heavy, and the clerk’s is light and nimble; leaps out of his pocket; jumps on to cards and faro-tables: but still more curious is its susceptibility to metaphysical changes. It is the finest barometer of social storms, and announces revolutions.
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