Sublime

A few examples include: Greed is good. Maximizing pleasure from consumption is the goal. A billion acts of selfishness will lead to a prosperous society. The social duty of business is just to maximize its profits. There’s no such thing as society, only individuals—that was Margaret Thatcher’s famous quote. Markets are efficient; other institutions

• Health insurance is subject to a lot of information asymmetry — the aforementioned adverse selection, plus “moral hazard” (ie., people with more insurance

Both are dynamic systems in which the selfish actions of countless individuals—whether they be cells or investors—lead to unpredictable consequences at the system level. In turn, these collective actions and consequences feed back to influence individual actions in endless cycles of adaptation and evolution.

One of the things that we found very interesting was, once you have interest rate at zero, a cash flow in the future becomes as important as a cash flow you have visibility on.