Sublime

A superior analyst is one whose gains . . . are consistently greater than those of the market. Consistency is the crucial word here, since for any given short period of time . . . some people will do much better than the market and some will do much worse. Unfortunately, by this criterion, this author does not qualify as a superior analyst. There i

As he saw it, the benefits to the country outweighed the potential personal costs of contaminated water. Every industrial practice came with risks.

Note that the economist Robert Lucas dealt a blow to econometrics by arguing that if people were rational then their rationality would cause them to figure out predictable patterns from the past and adapt, so that past information would be completely useless for predicting the future (the argument, phrased in a very mathematical form, earned him th

as Raghuram Rajan puts it, “What is particularly alarming is that the risk taking may well have been in the best ex ante interests of their shareholders.”