Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: gg cox who wrote (74191)	12/1/2010 4:12:57 PM
From: Maurice Winn	1 Recommendation Read Replies (1) of 74559

Thanks for that. What a great interview. watch.bnn.ca There were three parts. Maybe you missed the last part. He's cautiously bullish on America - he said there's about a 15% chance of major problems. By that he means elephant in the room sized problems and elephants in any of my rooms would make quite a mess. I would leave the room. He didn't actually use the expression, Virtuous Victorian Values, but he would have done. Regarding the agency problem, it's one I prefer solved by Adam Smith [as he said was one option though too slow for his liking] than by his suggestion of legal fiduciary duty which seems a tricky thing to enforce other than via the existing fraud and similar laws. But maybe there's a reasonable way to do it. I prefer the VVV idea of reputation and dealing with reputable people. These days, with cyberspace available, reputation can be reported easily. Seeing his interview makes me want to rush out and buy his Vanguard thing. No wonder he has $trillions under management - Adam Smith's hand has been working for nearly 40 years. Same for Warren Buffett's company. People know that reputable people are the ones to back. Socialist bludgers rob, regulate, suffocate, mismanage; capitalists like Warren Buffett and John Bogle invest and manage. The bludgers can't achieve things themselves, so they take it away from those who can by weight of voting power. Mqurice

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