Sublime

Rational behaviour is not defined by conformity with a set of axioms set down even by such distinguished thinkers as John von Neumann and Milton Friedman.

Les désastres à venir rendent incontournable la rupture avec la « neutralité de marché » comme avec l’idée que le politique ne doit pas interférer dans l’allocation du crédit et des capitaux à l’économie.

Public markets reward predictability.

In the short run, this policy orthodoxy achieved its stated goal, but in the longer run it acted to block the natural process of restoring robust finance, with the consequence that an increasingly fragile financial structure served as an increasing obstacle to capital investment and hence also to robust economic performance. Because of government i

Burton Malkiel’s wonderful book A Random Walk Down Wall Street. Malkiel’s central idea is that a stock’s price incorporates all the available knowledge about the value of the company and the best predictions about the future of the stock.

1. LPs too slow to react, VCs lack incentives to admit limitations in current processes


2. Poor quant performance 


3. Downturn in private markets