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Excessive optimism sows the seeds of its own reversal.

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Excessive Optimism Retrospect Something

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

History cannot be reduced to a set of statistics and probabilities.
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History Probability Reduce Set Statics
The guiding purpose of the government regulator is to prevent rather than to create something.
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Create Government Guild Prevent Purpose Rather Regulation Something
The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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Able Content Leave Measure Own Succeeded True
Anything that we can do to raise personal savings is very much in the interest of this country.
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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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Academic Government Jargon Mechanism More Nothing Scheme State Strip Support Welfare
Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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Excessive Grow Over Own Reversal Seed Show Time
While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
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Distortion Economy Experience Imbalance Local National Price Seem Severe Significant
We need, in effect, to make the phantom ‘lock-boxes’ around the trust fund real.
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Box Effect Fund Lock Make Need Phantom Real Trust
We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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Necessary Out Policy Preëmptive Rule Situation Tight
[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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Deserve End Lose Neither Power Principle Republication Swap
We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
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Being Central Century Government Midst Once REquired Tsunami
At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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Capital Composition Force Meshed Need Oversimplification Risk Skill Stock Work
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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Accept Extremis Fiat God Money Nobody
Enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making
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Ability Ambiguous Decision Dominate Enhance Financial Making Person Quantitative Relationship

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