When the nazis came to power, I looked to the universities that prided themselves upon their intellectual freedom, and they failed me. I looked to the German press, which prided itself on the freedom of the press, and it failed me. Until at last the churches stood alone, and that for which I once had little regard earned my respect.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
It is not fit the public trusts should be lodged in the hands of any, till they are first proved and found fit for the business they are to be entrusted with.
The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen). Say you want to write a contract speculating on the number of twins to be born in Nebraska in 2020. No problem-at a price, you will easily find an obliging counterparty.
The self-styled practical man of affairs who pooh-poohs philosophy as a lot of windy notions is himself a pragmatist or a positivist, and a bad one at that, since he has given no thought to his position.
I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.