Markets work; morals matter.
'Reinventing the Bazaar,' by John McMillan, is a great and fun introduction to the wild variety and importance of markets throughout history and around the world. I finally understood how a Middle Eastern souk actually works economically and how to compare that to modern-day telecom-spectrum auctions. I love that book.
All sensible investing is value investing
The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.
In investing, you get what you don't pay for. Costs matter. So intelligent investors will use low-cost index funds to build a diversified portfolio of stocks and bonds, and they will stay the course. And they won't be foolish enough to think that they can consistently outsmart the market.
In the end, all new schools, public or private, snobby or not, add value to the education market, making it bigger and more efficient, in the same way that Zuckerberg added wealth to the economy even for non-Facebook fans.
You know what term you don't hear anymore? Arbitrage. The markets have gotten too efficient.
When markets fail, as they often do, collective action becomes imperative.
My politics are: I'm a trustbuster. Very focused. And yeah, I'm pro-efficiency. I want the most economic activity at the lowest price possible. It's good for everybody; it's not red or blue.
The advantage of a free market is that it allows millions of decision-makers to respond individually to freely determined prices, allocating resources - labor, capital and human ingenuity - in a manner that can't be mimicked by a central plan, however brilliant the central planner.
I started out by viewing the marketplace as a cruel place, where you need intervention by government and lawyers to protect people. But after watching the regulators work, I have come to believe that markets are magical and the best protectors of the consumer. It is my job to explain the beauties of the free market.
I believe, in the stock market - that's one of my fields - that most people are irrational. And to be irrational, you can be irrational in so many different ways that, practically, the result is indeterminate.
One of the appeals of markets, as a public philosophy, is they seem to spare us the need to engage in public arguments about the meaning of goods. So markets seem to enable us to be non-judgmental about values. But I think that's a mistake.
I would reject the distinction between a Keynesian moment and a behavioral moment.
The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics.
Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular.
In the world I've known most of my life, old stories quickly lose their power over capital markets and get replaced by new surprises. That which everyone fixates on gets priced into the stock market quickly and can't drag on.
The general principles of political economy teach us to buy all our commodities where we can have them the cheapest; and perhaps there is no general rule in the whole compass of the science to which fewer justifiable exceptions can be found in practice
Our platform emphasizes that a vibrant, free and fair market is essential to economic growth.
It is a fallacy to think that politicians and bureaucrats are smart enough to manage the economy.
I am one who believes that the market, properly incentivized, can consistently outperform government regulation on achieving objectives.
Indeed, if communist central planners could have organized the economy with as much detail, precision, and flexibility as a modern-day Toyota or Wal-Mart, communism would probably still exist.
Our system freed the individual genius of man. Released him to fly as high & as far as his own talent & energy would take him. We allocate resources not by government. decision but by the millions of decisions customers make when they go into the market. place to buy. If something seems too high-priced we buy something else. Thus resources are steered toward those things the people want most at the price they are willing to pay. It may not be a perfect system but it's better than any other that's ever been tried.
Citadel is a global technology leader, recognized for its work to level the playing field for investors and make markets more fair, transparent and efficient. I look forward to leading this exemplary team as we grow this global business.
Regulation is very much informed by behavioral economics.
