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best examples of modern asset allocation is the Yale University endowment. Its current, and long-standing, chief investment officer is David Swensen, whom people credit with designing the allocation model that many leading institutional investors follow today. There are Yale acolytes who are now running a large

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In practice, however, we don’t usually assign the same value to every one of our dollars. The way we view each dollar depends on which category we first linked this dollar to—or, in other words, how we account for it.

Irving Fisher, the great classical economist, tells us that the definition of debt deflation is when everyone in a market tries to reduce debt, which results in distress selling. This leads to a contraction of the money supply as bank loans are paid off. This in turn leads to a fall in the level of asset prices and a still greater fall in the net