Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict.

[Meanwhile, the financial froth of speculative bubbles--and their dangers--are another enduring legacy of the Greenspan era.] Irrational exuberance really is still with us, ... risk that in 2010 or even 2015, the stock market will be lower still in real, inflation-corrected terms, than it was in 2005.

Oppression thrives on distance - on not actually meeting or seeing the oppressed.

There's so much disagreement about investing, and it's because nobody really knows.

It's really too difficult to predict.

Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.