"Daily, my mail box is full of emails, many of which come from well-meaning friends. 'Have you seen this article?' or 'Do you know this guru?' I follow the links as I frantically go from thenewyorktimes.com to financialarmageddon.com and everywhere in between."'The Dollar will rebound', 'Gold is another bubble', 'Buy bonds', 'Sell bonds', 'Pork bellies are undervalued', and so on."I pretend to read some of these writings just so that I can make up something to say should they follow up the email with a telephone call. In an enduring quest for understanding and picking kernels of knowledge, I find myself surrounded in an epochal – and mad – battle of the optimists versus the pessimists."Honestly, there are intractable and momentous problems which should be the cause of considerable pessimism. But when it comes to action with other people's money – particularly the irreplaceable kind – merely on account of the free advice of a well-known guru who writes for the-world-is-coming-to-an-end.com is complete madness. To follow the advice of an analyst working for a bank that can't even manage its own balance sheet and who is intentionally or accidentally divorced from reality, is madness squared."
"We have involved ourselves in a colossal muddle...having blundered in the control of a delicate machine, the working of which we do not understand. The result is that our possibilities of wealth may run to waste for a time – perhaps for a long time."
"I don't think the Board of Trade regulations ever visualized this situation. Do you?"