I’ve been asked why there weren’t any memos during the twelve weeks between September 9 and December 1. Lack of ideas? Writer’s block? Carpal tunnel syndrome? CIA posting? The answer is “none of the above.” I was putting the finishing touches on a book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor. It pulls together all of the strands of my philosophy into what might be thought of as a super-memo. It will be published in late April and I hope you’ll let me know what you think.
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In the 3½ years since the financial crisis surfaced in July 2007, there has been extensive discussion of the part deregulation played in creating it, as well as the need for increased regulation to prevent the next one. The release last month of the report of the Financial Crisis Inquiry Commission reawakened the debate. Thus I’m often asked nowadays how I feel about regulation and what I think the future holds in that regard.
Book: The Most Important Thing