The Need For Values Is Inbred. Their

We May Be In A Rapidly Evolving International Financial System With All The Bells And Whistles Of The So-called New Economy. But The Old-economy Rules Of Prudence Are As Formidable As Ever. We Violate Them At Our Own Peril.

But Rules Cannot Substitute For Character.

This Decade Is Strewn With Examples Of Bright People Who Thought They Built A Better Mousetrap That Could Consistently Extract Abnormal Returns From The Financial Markets. Some Succeed For A Time. But While There May Occasionally Be Mis-configurations Among Market Prices That Allow Abnormal Returns, They Do Not Persist.

The Probability Of Ten Consecutive Heads Is 0.1 Percent; Thus, When You Have Millions Of Coin Tossers, Or Investors, In The End There Will Be Thousands Of Very Successful Practitioners Of Coin Tossing, Or Stock Picking.

Significantly Opening Up Immigration To Skilled Workers Solves Two Problems. The Companies Could Hire The Educated Workers They Need. And Those Workers Would Compete With High-income People, Driving More Income Equality.