Sublime

Appropriately, one of Bob's most frequent aphorisms was this observation: “Availability of capital is everything.” That observation plays out in the preceding illustration. OPM may occasionally be expensive, but it's valuable if it permits continued accretive growth.

Capitalism thinks it’s adaptable, but if it only has one stratagem, endless growth, the limit of its adaptability is irrevocably set. And we have reached that limit. We are therefore at very high risk.

There is no Newtonian law of markets; they are all ephemeral relationships in a sea of noise and the only way you can do that and capture non-linearity and complexity is with a system that is rich enough to be able to contain all the models, so a universal approximator—that’s what neural nets are—and allows you to do that.