A Marble In Your Mouth

When I was a kid my dad used to say that when politicians wanted to lie they spoke “with a marble in their mouth.” (I have yet to hear anyone else use this expression, but it’s stuck with me). I couldn’t help but remember that today when John Paulson-the hedge fund manager who made billions… Continue reading A Marble In Your Mouth

How We Got Here

Two recent articles I read have me thinking about path dependence.  For those who don’t know, path dependence basically means that we (either individuals or institutions) are the sum of historical experiences – history matters.  A corollary is that small events can build up over time to have large historical impacts (read the Wikipedia entry… Continue reading How We Got Here