Towards a Leisure Society had a perfect seen-it-all-and-not-impressed delivery in the discussion of Bitcoin and alternate 'money', "Have we taken some sort of stupid pill?":
Seriously.That is such a fine sentence.
Anyone peddling the idea that bitcoin is a nobler system than the current one needs to get their head examined....
...And worse than the current system there isn’t even collateral there to be misvalued....
After much thought though I have to give the prestigious Climateer Line of the Day (CLoD) to Paul Kedrosky who, it appears from his posting schedule, has been skiing for the last four freakin' weeks, for his Behavioral Finance comment.
Don't get me wrong, I do see value in a familiarity with Behavioral Finance, I mean dropping terms like heuristics or framing into the cocktail party conversation makes one sound oh so au courant.
And don't get me started on monkey trading-behavior experiments, I end up wanting to hire the little guys, but all in all if I could go a year without hearing the names Kahneman & Tversky I don't think I'd be missing anything.
Mr. Kedrosky posts in his Twitter Digest for April 8:
"A central puzzle in behavioral finance is why behavioral finance nags won’t shut up about behavioral finance. -> "Seriously folks, it was the '70's and the fact that some younger reader came upon the BF work in 2012 and became an evangelist only reminds me of the old line:
"Every new generation thinks they are the ones who discovered sex"That is a misquote of Robert A. Heinlein's "(E)ach generation thinks it invented sex..."
