Sublime

South Sea to sell to the public and make a nice profit. If the shares were purchased at £200 they were now worth more if the price continued to rise and were sold at some point. Seeing the price rise would lure more creditors to convert their shares and more people to buy in. Everyone would win only if the price kept rising. But how could the price

I love Voltaire’s observation that “History never repeats itself; man always does.” It applies so well to how we behave with money.

Poor Charlie’s Almanack, by Charles T. Munger. I’ve been enjoying Charlie Munger’s speeches online for years; this is the ultimate collection of the best of them. Watching Becoming Warren Buffett on a recent flight reminded me how much of a legend Charlie is.

utterly foolish;

In Brisbane an explorer known as Dsankt boats into the underland like some latter-day Charon, boarding small skiffs in the rivers on the city’s outskirts, following tides up the intake valves and into the abstract zones of the sub-city.

Thus the French Government lends its agents to the commune; in America the township is the agent of the Government.