Not that you asked but this is one of the most influential things in my life. (http://www.mediafire.com/?2ngtzjtzgwz) It's an article from The American Scholar by Donald McCloskey that was published in 1988. At the risk of overstating things, I think this is one of the clearest thinking pieces ever published. It's fourteen pages long and well, well worth the read.
There are too many pithy quotes for me to have a single favorite but this one is pretty good. McCloskey relates that the financial advice industry grew out of court decisions holding trust accountants liable if they did not take third party advice. And the quality of that advice? "The effect would have been the same had the courts decided that prudent men should consult Ouija boards or the flights of birds."
Oh, and I'm not rich so I guess I ain't smart neither.
Thursday, March 11, 2010
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