The case for trade is not just monetary, but moral. Economic freedom creates habits of liberty. And habits of liberty create expectations of democracy.
There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.
The case for trade is not just monetary, but moral. Economic freedom creates habits of liberty. And habits of liberty create expectations of democracy.
I never had one hour's happiness in her society, and yet my mind all round the four-and-twenty hours was harping on the happiness of having her with me unto death.
We changed again, and yet again, and it was now too late and too far to go back, and I went on. And the mists had all solemnly risen now, and the world lay spread before me.
We're coming off a quarter here that was in-line with our expectations, but much lower at WPZ due to Geismar's extended outage and a continued heavy capital investing period all as was expected.
I didn't listen to half of the criticism I received. I just didn't let it enter my brain. It affects people around me, but it was my job to see through that. When you are in charge of a top club, where expectations are high you have to deal with that.
Khomeini obviously had many problems, but he had one clever side to him. He never made economic promises to people and as a result, he never led to dissatisfaction in this perspective. Because they need to get votes, they use misleading slogans. And this leads to rising expectations. I had a personal experience.
(Because) the notion of absolute truth is difficult to sustain outside the context of religion, ethical conduct is not something we engage in because it is somehow right in itself but because, like ourselves, all others desire to be happy and to avoid suffering. Given that this is a natural disposition, shared by all, it follows that each individual has a right to pursue this goal. Accordingly, I suggest that one of the things which determines whether an act is ethical or not is its effect on others' experience or expectation of happiness.
So those who wished for some central cosmic purpose for us, or at least our world, or at least our solar system, or at least our galaxy, have been disappointed, progressively disappointed. The universe is not responsive to our ambitious expectations.