Guaranteed Taxes versus Uncertain Returns: An Introduction (LINK)In the last few weeks, financial markets have been rocked by the drop in oil prices, and in the process reminded us of three realities. The first is that for all the money that is spent on commodity price forecasting, there is very little that we have to show for it. The second is that all large macroeconomic events create winners and losers and the net effect of this oil price change, whether positive, neutral or negative, may take a while to manifest itself. The third is that investors are generally ill-served by either panicky selling of all things oil-related or the mindless buying of the most beaten-up oil stocks.
David Merkel: Learning from the Past, Part 1 (LINK)
Book of the day: The Sense of Style: The Thinking Person’s Guide to Writing in the 21st Century - by Steven Pinker