HARRY FRANKFURT ~ ON BULLSHIT ~ 2005

~ OOTMSFOOCITTISM-BS ~ One Of The Most Salient Features Of Our Culture Is That There Is So Much – BullShit

~ LOCTACW-T-ITHTRA-T-EOB ~ Lack Of Connection To A Concern With – Truth – Indifference To How Things Really Are – The – Essence Of Bullshit

~ IDST-BS-IA-KOB-IICT-B-S-TT-TAL ~ It Does Seem That – BullShitting – Involves A – Kind Of Bluff – It Is Closer To – Bluffing – Surely – Than To – Telling A Lie

~ TEO-BS-INTII-F-BTII-P ~ The Essence Of – BullShit – Is Not That It Is – False – But That It Is – Phony

~ AFAOTENO-BS-IIPWCWTT-INNB-F ~ A Fundamental Aspect Of The Essential Nature Of – BullShit – It Is Produced Without Concern With The Truth – It Need Not Be – False

~ T-BS-DNR-TAOTT-AT-L-D-A-O-I-[S]H-PNATIAA-BVOT-BS-IAG-EOTT-T-L-A ~ The – BullShitter – Does Not Reject – The Authority Of The Truth – As The – Liar – Does – And – Oppose – It – [S]He – Pays No Attention To It At All – By Virtue Of This – BullShit – Is A Greater – Enemy Of The Truth – Than – Lies – Are

~ BS-IUWCR-S-T-TWKW[S]HITA ~ BullShit – Is Unavoidable Whenever Circumstances Require – Someone – To – Talk Without Knowing What [S]He Is Talking About

~ TPO-BS-ISWAPOOOTSASTEH[H]KOTFTARTTT ~ The Production Of – BullShit – Is Stimulated Whenever A Person’s Obligations Or Opportunities To Speak About Some Topic Exceed His[Her] Knowledge Of The Facts That Are Relevant To That Topic

SIMON SINEK + DAVID MEAD + PETER DOCKER ~ DISCOVER YOUR WHY ~ FIND YOUR WHY ~ 2017

~ S1:GS-AST-TUO-W-WMBTO-SM-O-DM-A-ETTFTC-FY-W-ILPFGITROTP ~ Step 1: Gather Stories – And Share Them – To Uncover Our – WHY – We Must Bring Together Our – Standout Memories – Our – Defining Moments – And – Examine Them – To – Find The Connections – Finding Your – WHY – Is Like – Panning For Gold In The River Of The Past

~ S2:IT-OOT-WST-SB-TATO ~ Step 2: Identify Themes – One Or Two – Will Seem To – Shine Brighter – Than All The Others

~ S3:DAR-A-W-S-SAC-A-FOTEYHOO-EIALTRWY-A-IYCWY-W-IOS-YMMLTRI-A-TAOI ~ Step 3: Draft And Refine – A – Why – Statement – Simple And Clear – Actionable – Focused On The Effect You’ll Have On Others – Expressed In Affirmative Language That Resonates With You – And – If You Can Wrestle Your – WHY – Into One Sentence – You’re Much More Likely To Remember It – And – To Act On It

SIMON SINEK + DAVID MEAD + PETER DOCKER ~ FIND YOUR WHY ~ 2017

~ Y-V-IO-A-IYSIOL-IYKITY-IWRAFOYI ~ Your – Vision – Is Only – Actionable – If You Say It Out Loud – If You Keep It To Yourself – It Will Remain A Figment Of Your Imagination

~ F-IAWF-H-HIT-FL ~ Fulfillment – Isn’t Another Word For – Happiness – Happiness Is Temporary – Fulfillment Lasts

~ H-CF-W-WD-F-CF-W-WDI ~ Happiness – Comes From – What – We Do – Fulfillment – Comes From – WHY – We Do It

~ IWWTFWACT-SBTO-WANTKO-W ~ If We Want To Feel We Are Contributing To – Something Bigger Than Ourselves – We All Need To Know Our – WHY

~ AWTTOT-W-IA-APOAJP-WYKWYPLL-IMETSWIFODF-DCBMMQAWGC-A-WOCSYP-TCSWIFWT ~ Another Way To Think Of The – WHY – Is As – A Piece Of A Jigsaw Puzzle – When You Know What Your Piece Looks Like – It’s Much Easier To See Where It Fits Or Doesn’t Fit – Decisions Can Be Made More Quickly And With Greater Certainty – And – When Others Can See Your Piece – They Can See Whether It Fits With Theirs

~ S-TIVAABTIOEPT-‘MTN’ ~ Sometimes – The Intangible Values Are Abandoned Because The Internal Or External Pressure To – “Make The Numbers”

~ T-W-IAT-TCB-C-TTWI-F-A-M-T-TWI-A ~ The – WHY – Is A Tool – That Can Bring – Clarity – To That Which Is – Fuzzy – And – Make – Tangible – That Which Is – Abstract

~ T-W-CGUTAWP-OP ~ The – WHY – Can Guide Us To Act With Purpose – On Purpose

~ EOUHOO-W-INASAWWATB-IEWWAWWAAONB ~ Each Of Us Has Only One – WHY – It’s Not A Statement About Who We Aspire To Be – It Expresses Who We Are When We Are At Our Natural Best

~ L-ATOWHTCTGFAOAPFOTF ~ Leaders – Are The Ones Who Have The Courage To Go First And Open A Path For Others To Follow

~ ATINAGOPWWT-ATIAGOPWTEO ~ A Team Is Not A Group Of People Who Work Together – A Team Is A Group Of People Who Trust Each Other

~ IAMITHAI-IMBT-TWJI-NJ-TWLI ~ If A Movement Is To Have An Impact – It Must Belong To – Those Who Join It – Not Just – Those Who Lead It

~ TAOAGOPTDRT-HOHWTPCPTAAT ~ The Ability Of A Group Of People To Do Remarkable Things – Hinges On How Well Those People Can Pull Together As A Team

~ Y-H-AY-S ~ You – HOWS – Are – Your Strengths

~ TGCOA-L-IT-MO-L ~ The Greatest Contribution Of A – Leader – Is To – Make Other – Leaders

~ TAS-DTTYSYB ~ Take A Stand – Do The Things You Say You Believe

~ IEMOAT-DGT-TWGA ~ If Every Member Of A Team – Doesn’t Grow Together – They Will Grow Apart

~ LY-W ~ Live Your – WHY

~ IO ~ Inspire On

~ EOUHO-W-A-O-W-O-T-W-IT-OCT-TBOTBIUAMUFTMF ~ Each Of Us Has One – WHY – And – One – WHY – Only – The – WHY – Is The – One Common Thread – That Brings Out The Best In Us And Makes Us Feel The Most Fulfilled

~ THISOIRBOF;TFISOIL ~ The Happiness In Serving Ourselves Is Real But Often Fleeting; The Fulfillment In Serving Others Is Lasting

JESSE WRIGHT + MONICA RAMIREZ BASCO ~ GETTING YOUR LIFE BACK ~ 2001

~ T-T-K:W-Y-TP-B-L-N-A-M-AOR-YMB ~ The – Thinking – Key : When – Your – Thought Patterns – Become – Less – Negative – And – More – Accurate Or Rational – Your Mood Brightens

~ T-A-K:WY-BT-AIPW-YWFBAY ~ The – Action – Key : When You – Begin To – Act In Positive Ways – You Will Feel Better About Yourself

~ T-B-K:MYL-TSHCPIYB ~ The – Biology – Key : Modifying Your Lifestyle – To Stimulate Healthy Chemical Processes In Your Body

~ T-R-K:PACR-CANLASCWO ~ The – Relationship – Key : Positive And Caring Relationships – Create And Nurture Loving And Supportive Connections With Others

~ T-S-K:LOASOMIYL-O-FSE-CB-ABGFD-DSFHAPABCTYCAB ~ The – Spirituality – Key : Lack Of A Sense Of Meaning In Your Life – Or – Feeling Spiritually Empty – Can Be – A Breeding Ground For Despair – Drawing Strength From Having A Purpose And Being Committed To Your Core Values And Beliefs

DAVID BOLLIER ~ BRAND NAME BULLIES ~ 2005

~ TQTOACC ~ The Quest To Own And Control Culture

~ WWOCPOT-CC-AFATU-IIB-PALU-TSOTPIR ~ What Was Once Considered Part Of The – Cultural Commons – Available For All To Use – Is Increasingly Being – Privatized And Locked Up – The Scope Of This Plunder Is Remarkable

~ T-OOC-NET-LOTA-DSAC-AE-S ~ The – Ownership Of Culture – Now Extends To – Letters Of The Alphabet – Distinctive Sounds And Colors – And Even – Scents

~ TTU-EW-IA-NC-EIA-F-T-W-EF-PANP-A-YEA-SCU-AZOT-II ~ Try To Use – Existing Works – In A – New Creation – Even In A – Fleeting – Partial – Way – Even For – Personal And Noncommercial Purposes – And – You Enter A – Shadowy Cultural Underground – A Zone Of The Illegal Imagination

~ WWGD? ~ What Would Groucho Do?

~ M-P/M/W-BWTWA-‘Q’-ETIIEIAFSTBATQT ~ Many – Painters / Musicians / Writers – Balk When Their Works Are – “Quoted” – Even Though It Is Essential In A Free Society To Be Able To Quote Them

~ O-LC ~ Over-Lawyered Corporation

~ TRQ-H-IW-FSAC-BT-E-OCT-CI ~ The Real Question – However – Is Whether – Free Speech And Culture – Belong To – Everyone – Or Chiefly To – Commercial Interests

~ CATL-IOGNTBR-ICNTBEMTE-TVAFFOIACNTBP-TPROAAUMBH ~ Copyright And Trademark Law – Its Original Goals Need To Be Restored – Individual Creators Need To Be Empowered More Than Ever – The Volume And Free Flow Of Information And Creativity Need To Be Protected – The Public’s Rights Of Access And Use Must Be Honored

~ WMSANBOPAPITTAOTSDOTIADT ~ We Must Strike A New Balance Of Private And Public Interests That Takes Account Of The Special Dynamics Of The Internet And Digital Technology

~ AAC:UOAD ~ Art And Culture: Use Only As Directed

~ CC-SIT-‘VA’-W-TDF-TUSOCW ~ Copyright Champions – Systematically Ignore The – “Value Added” – Wealth – That Derives From – The Unmetered Sharing Of Creative Works

~ ACDUACC-F-I-I-A-D ~ All Creators Depend Upon A Cultural Commons – For – Inspiration – Imitation – And – Derivation

~ F-AWWIRBAA-DW-CB-G-AMA-T-FTCAL-NC-GEI ~ For – Artists Whose Work Is Reused By Another Artist – Derivative Works – Can Be – Gifts – As Much As – Theft

~ A-ACSFCTVASOMC ~ Appropriation – A Crucial Strategy For Critiquing The Values And Sensibilities Of Mainstream Culture

~ CL-HLRA-‘PD’-B-IAPI-TSOS-FT-JE-IILTBC-P-N-A-G-TMCTIHMOTOWTPU ~ Copyright Law – Has Long Recognized A – “Parody Defense” – But – If A Parody Is – Too Sly Or Subtle – For The – Judicial Eye – It Is Likely To Be Considered – Piracy – Not – Art – Generally – The Most Critical Test Is How Much Of The Original Work The Parody Uses

~ SAOLADTPA-T-‘D’-O-‘T’ ~ Small Armies Of Lawyers Are Dedicated To Protecting Against – Trademark – “Dilution” – Or – “Tarnishment”

~ ACO-EPCIKAC-ICO-TPI ~ A Crush Of – Expansive Property Claims In Knowledge And Creativity – Is Crowding Out – The Public Interest

~ TVO-FA-SFT-‘GE’-O-TFC;CISAAFTMBATFCAMOTC ~ The Vitality Of – Folk Art – Stems From The – “Gift Economy” – Of – The Folk Community; Creativity Is Seen As A Gift That Must Be Allowed To Freely Circulate Among Members Of The Community

~ SCCAETTAN-‘PI’-F-CL-TEI ~ Stunning Creativity Can Arise Even Though There Are No – “Property Incentives” – From – Copyright Law – To Encourage It

~ SCBATOOICBU ~ Should Companies Be Allowed To Own Online Identities Created By Users?

~ OC-HB-VS ~ Online Citizens – Have Become – Virtual Serfs

~ TPL ~ Trademarking Public Life

~ TPOBE ~ The Power Of Public Exposure

~ P-IACGOHS-EWTFPARS-SSAA-FU-W-OAN ~ Parody – Is A Classic Genre Of Human Societies – Even When The Factual Patterns Are Remarkably Similar – Some Spoofs Are Adjudged – Fair Use – While – Others Are Not

~ I-10%-OY-A-DGT-P-IMBI ~ If – 10 Percent – Of Your – Audience – Doesn’t Get The – Parody – It May Be Illegal

~ TD ~ Trademark Dilution

~ TIT-TL-AA-ANM-O-AGWOP-IANO ~ The Idea That – Trademark Law – Allows An – Absolute National Monopoly – On – A Given Word Or Phrase – Is A New One

~ TRP-OC-IT-LCDLTBCOAPSABATW ~ The Real Point – Of Course – Is That – Large Corporations Don’t Like To Be Criticized On A Public Stage As Big As The Web

~ YEWTROPNIOCP-TIAODT-TLOMC-CTIUCTCO-‘A’-M ~ Yet Even With The Rise Of Powerful New Instruments Of Cultural Pluralism – The Internet And Other Digital Technologies – The Leviathans Of Mass Culture – Continue To Insist Upon Controlling The Circulation Of – “Authorized” – Meanings

~ CL-SNBATIW-CDP ~ Copyright Law – Should Not Be Allowed To Interfere With – Core Democratic Principles

~ F-D-A-O-COI-AA-SR-A-PG:TIEWEHATH;DIVWTAC ~ Facts – Data – And – Other – Compilations Of Information – Are A – Shared Resource – A – Public Good: That Is Enriched When Everyone Has Access To Them; Diminished In Value When They Are Tightly Controlled

~ CM ~ Copyright Maximalists

~ YMNTYRDNT ~ You May Not Teach Your Robot Dog New Tricks

~ TFCAPAWT-AFOIPL-MSCW-P-TIINITTTD ~ There Finally Comes A Point At Which The – Absurd Frontiers Of Intellectual Property Law – Merge So Completely With – Parody – That It Is Nearly Impossible To Tell The Difference

~ DTSACOTW-CM-TTIT-AACI-O-Q-S-CC-A-TUO-PW ~ Determined To Secure Absolute Control Over Their Works – Copyright Maximalists – Tend To Ignore The – Artistic And Civic Importance – Of – Quotation – Sharing – Creative Collaboration – And – Transformation Uses Of – Prior Works

~ TGCL ~ The Great Cultural Lockdown

~ N-TBNWO-SCC-HSSIFAODS-PT-R-S-R-C-A-C-AB-CF ~ Naturally – This – Brave New World – Of – Strictly Controlled Content – Has Some Serious Implications For An Open Democratic Society – Permission To – Read – Share – Reuse – Collaborate – And – Create – All Become – Conditional Freedoms

~ ALD ~ Aggressive Litigation Dragnets

~ L-POAO-FIT-E-F-CA-T-PM-IAGWTE-L-E-A-DC-NTM-STMFB-B ~ Libraries – Part Of An Old-Fashioned Idea That – Easy – Free – Citizen Access – To – Printed Material – Is A Great Way To Encourage – Literacy – Education – And – Democratic Culture – Not To Mention – Seed The Market For Book-Buying

~ TMTAPRTEIIIAS ~ The Mania To Assign Property Rights To Every Imaginable Intangible Is A Sickness

~ OTSOFCG ~ Owning The Smell Of Freshly Cut Grass

~ T-NFITCOL-I-SE ~ The – Next Frontier In The Commodification Of Life – Is – Sensory Experience

~ PL-HTRTA-NI-B-NAN-IOTQF-PP-B-APBPNJ-PI-B-II-A-BM-TSHER-EITCSFAGPID-ICNBUTISI ~ Patent Law – Has Traditionally Required That Any – New Invention – Be – Novel And Nonobvious – In Order To Qualify For – Patent Protection – But – As Patents Began Protecting Not Just – Physical Inventions – But – Intangible Ideas – And – Business Methods – Their Scope Has Expanded Radically – Even If The Claimed Scope For A Given Patent Is Dubious – It Can Nonetheless Be Used To Intimidate Supposed Infringers

~ BO-SSFGP-TBWDNNRTAIOGIA-TPVOP-IMI-IA-LT-A-BC-IDWC ~ Because Of – Slacker Standards For Granting Patents – The Business World Does Not Necessarily Regard Them As Indicative Of Genuine Innovation Anymore – The Practical Value Of Patents – In Many Instances – Is A – Legal Threat – And – Bargaining Chip – In Dealings With Competitors

~ AWORO-CP-IT-POCACAL-F-WMCIUCRA’BP’ ~ A Whole Other Realm Of – Controversial Patents – Involves The – Patenting Of Common Agricultural Crops And Life-Forms – Which Many Critics In Underdeveloped Countries Regard As – “BioPiracy”

~ A-W-EG-CBA-I-AA-DLRA ~ A – Well-Executed Gag – Can Be As – Illuminating – As A – Dozen Law Review Articles

~ DT-TTTIPLHTOTPG-ANMT-ATPI-I-STTSAGM ~ Despite The – Troubling Trajectory That Intellectual Property Law Has Taken Over The Past Generation – A New Movement To – Assert The Public Interest – Is – Starting To Take Shape And Gain Momentum

~ WNTDA-NL-TEWT-PD-ISIT-C-C-D-A-C ~ We Need To Develop A – New Language – That Explains Why The – Public Domain – Is So Indispensable To – Creativity – Culture – Democracy – And – Commerce

~ RTATAVRF-‘IO’-WNA-EAPPL-TUTVO-‘PK’-A-AST-PARI ~ Rather Than Assume That All Value Results From – “Individual Originality” – We Need An – Economics And Public Policy Language – That Understands The Value Of – “Public Knowledge” – And – Affirmatively Seeks To – Protect And Replenish It

AJIT VARKI + DANNY BROWER ~ DENIAL ~ 2013

~ EAOTWIDOTINOFHWTDATP ~ Events And Outcomes That We Initially Dread Often Turn Into New Opportunities For Happiness When They Do Actually Take Place

~ CP-IANP-A-LH-AMRITDOTM-AWMFAFAFOOWOGU-A-AWBFO-TV&C-IIHTIT-CMD-HNBUSC ~ Childhood Play – Is A Natural Phenomenon – And – Likely Has – A Major Role In The Development Of The Mind – As We Move Further And Further Away From Our Original Ways Of Growing Up – And – As We Become Fixated On – TV And Computers – It Is Hard To Imagine That – Children’s Mental Development – Has Not Been Undergoing Significant Changes

~ W-TPAP-MCT-I-CC-TII-CATDS ~ While – The Public And Politicians – May Choose To – Ignore – Climate Change – The Insurance Industry – Cannot Afford To Do So

~ PECDE-TFITWHAC-AVDE-WOC-OTOAOPTWH ~ Planet Earth Climate Destabilization Experiment – The Fact Is That We Humans Are Conducting – A Very Dangerous Experiment – With Our Climate – On The One And Only Planet That We Have

~ TPO-O-HGFBWRTBADISC-TCANSOOR-BA-AOGCD ~ The Problem Of – Overpopulation – Has Gone From Being Well Recognized To Being Almost Denied In Some Countries – The Consequences Are Not Simply Overconsumption Of Resources – But Also – Acceleration Of Global Climate Disruption

~ B-A-FL-I-PGSAED-S-I-FLAI-CS-PGMCUC ~ But – As – Female Literacy – Increases – Population Growth Stops And Even Declines – So – If – Female Literacy And Independence – Can Spread – Population Growth May Come Under Control

~ OCBALAT-OIRD-CWORTA-VGT-WWBF-GCOASNBS-HST-WWNLAL-TLFTFFOTD-ILPBOON-RD ~ One Can Build A Logical Argument That – Our Innate Reality Denial – Coupled With Our Runaway Technological Achievements – Virtually Guarantees That – We Will Be Facing – Global Calamities On A Scale Never Before Seen – History Suggests That – We Will Not Learn Any Long-Term Lessons From The First Few Of These Disasters – In Large Part Because Of Our Nemesis – Reality Denial

~ B-DAROR-CHPPEO-P-S-C-N-A-G-M-IOW-TAMVATTUHC-EWCW-OATIWTMOO ~ Both – Denial And Recognition Of Reality – Can Have Powerful Positive Effects On – Personal – Social – Communal – National – And – Global – Matters – In Other Words – There Are Many Valuable Aspects To This Unusual Human Capacity – Especially When Combined With – Our Ability To Identify With The Minds Of Others

~ IAW-WC-BVT-LEDAIIWYL-A-REM ~ It’s A Well-Worn Cliche – But Very True – Live Each Day As If It Were Your Last – And – Relish Every Moment

~ WHACO-D-D-M-AE-C-SR-FE-GOE-P ~ We Humans Are Capable Of – Deliberately – Distorting – Modifying – And Even – Changing – Some Realities – For Either – Good Or Evil – Purposes

JUSTIN FOX ~ THE MYTH OF THE RATIONAL MARKET ~ 2009

~ ECF-TCAJOMP-CWC-DOR ~ Early Claims For – The Correctness And Justness Of Market Prices – Came With Caveats – Doses Of Realism

~ T-MOTRM-IIAMOGP-OT-MOTT-ERPW-BIIN-AM-AO-T-WTTL-CLTASOT ~ The – Myth Of The Rational Market – It Is A Myth Of Great Power – One That – Much Of The Time – Explains Reality Pretty Well – But It Is Nonetheless – A Myth – An Oversimplification – That – When Taken Too Literally – Can Lead To All Sorts Of Trouble

~ L-P-I-FIBTMOTW-E-BMAMCW-IWRRO-HB-IOT-BBMO-I ~ Like – Physicists – Ignoring – Friction – In Building Their Models Of The World – Economists – Became More And More Comfortable With – Ignoring Widely Recognized Realities Of – Human Behavior – In Order To – Build Better Models Of – It

~ E-WMAPO-TAW-AF-TR-WDAWTFWT-WF-TIFOTSOEHDC-AAAOTY-MY-JAOO-WFTNLATFWWGO-BABS-E ~ Equations – Were Memorized And Passed On – The Accompanying Words – And Often – The Real-World Data Against Which The Formulas Were Tested – Were Forgotten – This Increasing Focus On The Mathematical Side Of Economics Has Been Decried – Again And Again Over The Years – Mostly By – Journalists And Other Outsiders – Who Found Themselves No Longer Able To Follow What Was Going On – But Also By Some – Economists

~ TWSLOP-IID-WFMHASRV ~ There Were Still Lots Of People – Interested In Debating – Whether Financial Markets Had Any Socially Redeeming Value

~ W-WTS-RWIED-AT-WD ~ We – Want To See – Regular Waves In Economic Data – And Thus – We Do

~ A-NP-HBA-A-TWDWTWWI-WNLW-NLC-NLC-E-BGWTQ-POS-TBTA-RS ~ A – New Paradigm – Had Been Accepted – And – Those Who Didn’t Want To Work Within It – Were No Longer Welcome – No Longer Could – Economists – Be Grouped With Those Quarrelsome – Psychologists Or Sociologists – They Belonged To A – Real Science

~ TS-FS-WCT-YCP-FSPM-BLA-PSPM-WETIT-FSV-CBPBLA-PSV ~ The Same – Finance Scholars – Who Claimed That – You Couldn’t Predict – Future Stock Price Movements – By Looking At – Past Stock Price Movements – Were Embracing The Idea That – Future Stock Volatility – Could Be Predicted By Looking At – Past Stock Volatility

~ ES-TGD-TDRATTFRHD-TRWFIAIWATD-TRTNOFBTCBM ~ Ever Since – The Great Depression – The Dominant Regulatory Approach To Taming Financial Risk Had Been – To Restrict What Financial Institutions And Investors Were Allowed To Do – To Reduce The Number Of Financial Bets That Could Be Made ~ Arguing For – The Freedom To Create Infinite Varieties Of New Financial Instruments – Because – Equilibrium Theory – Said – It Would Bring The Economic World Closer To Perfection

~ D-B-OOTGFSOTNQC-CIAWRABOIO ~ Derivatives – Became – One Of The Great Financial Stories Of The Next Quarter Century – Chronicling It Adequately Would Require A Book Of Its Own

~ IWC-PI-AIWAAT-HA-TROTSM ~ It Was Called – Portfolio Insurance – And It Was An Attempt To – Hedge Away – The Risk Of The Stock Market

~ NN-BTFIWBI-E-IT-1970S-A-EBTSHMSF ~ Human Nature – Begins To Find Its Way Back Into – Economics – In The – 1970s – And – Economists Begin To Study How Markets Sometimes Fail

~ I-IWI-TW-IAMORI-BANT-SAIWHATTSI-A-TCTTSC-W-E-T-UI-O-I-O-B-MCNE ~ If – Information Were Inexpensive – There Would – In A Market Of Rational Investors – Be Almost No Trading – Since All Investors Would Have Access To The Same Information – And – Thus Come To The Same Conclusions – Without – Expensive-To-Unearth Information – Or – Irrationality – Or – Both – Markets Could Not Exist

~ WAOOTM-OTIDSN-A-ATRWPAFR ~ We Are Often Of Two Minds – One That Impatiently Demands Satisfaction Now – And – Another That Rationally Weighs Present And Future Rewards

~ BE ~ Behavioral Economics

~ RWRB-NDM-PCCWTPG-PWMC-EMPC-E-M-PPD-ISOIPAT-ABT-TR-CBMA-MQ-S-R-C-ITO-SCN ~ Regulations Were Rolled Back – New Derivatives Markets – Provided Countless Cheap Ways To Place Bets – Paradise Was Moving Closer – Ever More Powerful Computers – Ever-More-Plentiful Price Data – In Search Of Identifiable Patterns And Trends – A Belief That – The Risks – Could Be Managed – And – Managed Quantitatively – Some – Risks – Could – It Turned Out – Some Could Not

~ TCO-1987-EBFITRFVOR-B-ARB-TFR-AAFR-1987-WT-FAD-O-TIIOMR-MMIF-IWNTBTL ~ The Crash Of – 1987 – Exposes Big Flaws In The Rational Finance View Of Risk – But – A Rescue By – The Federal Reserve – Averts A Full Reexamination – 1987 – Was The – First Alarming Demonstration – Of – The Inherent Instability Of Mathematical Risk-Management Models In Finance – It Was Not To Be The Last

~ IT-WLMADFTS-TTW-TBSB-RO-B-TCWBJF ~ Irrational Traders – Would Lose Money And Disappear From The Scene – The Thinking Went – To Be Supplanted By – Rational Ones – But – This Claim Was Basically Just Folklore

~ G-RLTMEAWS-HI-BFSR-DN ~ Growth – Reached Levels That Many Economists Assumed Would Spark – Higher Inflation – But For Some Reason – Did Not

~ KYCAPOT-A-CUAMYC-IARA-IWE-IFPFTFAPN-M-DF-I-MWW-TMCGI ~ Keep Your Commitments And Promises On Time – And – Clean Up Any Mess You Created – It’s A Reasonable Argument – Incentives Weren’t Enough – If Market Participants Failed To Follow A Particular Non-Market-Determined Norm – Integrity – Markets Wouldn’t Work – The Market Couldn’t Govern Itself

~ AE-GFMBAC-TH-HI-SNFPOT-TMP-WETCO-VUTRO ~ Almost Every – Great Financial Market Bubble And Crash – Through History – Has Involved – Some New Financial Product Or Technology – That Market Participants – Without Experience To Call On – Vastly Underestimate The Risk Of

~ ILUWTNTFWT-TSE-WATWWNBATDSEFAESB-FR-WBPOT-ARO-EAI-WPART-OH-SW-M ~ It Leaves Us With The Need To Find Ways To – Temper Speculative Excess – While Acknowledging That We Won’t Necessarily Be Able To Distinguish Speculative Excess From An Entirely Sustainable Boom – Financial Regulation – Will Be Part Of That – A Rediscovery Of – Ethics And Integrity – Will Play A Role Too – One Hopes – So Will – Memory