By John Bogle

Tipu' asta Bogle ii manager la unu' dintre cele mai respectate fonduri din State, un ti cu experienta (parca are peste 80 de ani) si plin de bun simt. Adevaru' ca ingineria financiara, speculatie intensa si alte gadgeturi financiare "start to show signs of cracking".

"...the returns generated by our corporate stewards have often been illusory, created by so-called financial engineering and produced only by the assumption of massive risks. What's more, too many of our professional money managers have failed to act as vigilant stewards of the money that we investors entrusted to them.

...

Financial engineering was left to run rampant and anything goes seemed to be the rule in the quest to meet earnings guidance. ...true profits are represented by cash—a fact—rather than reported profit—an opinion."

etc. etc.

Am citit un interviu cu Eugene Fama, tipu' plin de aroganta ca de obicei; si-acuma, dupa un deceniu de cicluri boom/bust omu' continua sa sustina ca pietele-s eficiente si ca in 2008 n-am avut o bula, ci doar o recesiune si ca ii imposibil sa prevezi o bula decat post-explozie; incredibil! Sper ca realitatea sa faca un exemplu din omu' asta si sa-i striveasca teoria odata pt. totdeauna ca un val care se striveste de-o stanca.


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My aim is not to pass laws, but to repeal them - Barry Goldwater