Emerson's adage 'A foolish consistency is the hobgoblin of little minds' doesn't apply in money management. Bernie Madoff read this perfectly and worked out his trades solely on paper. For this, he's serving 150 years. Those of us in the real world know the market forever is the Great Humbler.
Emerson's adage 'A foolish consistency is the hobgoblin of little minds' doesn't apply in money management. Bernie Madoff read this perfectly and worked out his trades solely on paper. For this, he's serving 150 years. Those of us in the real world know the market forever is the Great Humbler.
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