The commission of the investment sins listed above is not limited to 'the little guy.' Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool's game.
The rule of the game was never assume that anybody, however honorable, would be able to stand up under torture. If Mr. X, who knew where I was, was caught for some reason, I should move.
Yet again, the more you strive for some kind of perfection or mastery—in morals, in art or in spirituality—the more you see that you are playing a rarified and lofty form of the old ego-game, and that your attainment of any height is apparent to yourself and to others only by contrast with someone else's depth or failure.
The regime must allow immediate and unrestricted access to every site, every document, and every person identified by inspectors. Iraq can be certain that the old game of cheat-and-retreat tolerated at other times will no longer be tolerated.
The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.
The game of life does not proceed like a mathematical calculation on the principle that two and two make four. Sometimes they make five, or minus four, and sometimes the blackboard topples over in the middle of the sum and the pedagogue is left with a black eye.