As anyone knows who has tried in whatever way to opine on the financial markets, sometimes three of the most important words in the English language are the following, “I was wrong.” The second most important three words are “I don’t know.” There are several reasons why I say this, but the most important one is that having lived through the 2008 financial crisis I can absolutely tell you that everyone from investment bank heads, CEOs of major corporations, to popular TV financial prognosticators, on down to private speculators and broker dealers in general did not see the crisis coming and took a bath on investments. Even the brightest minds get things wrong. And don’t get me started on central planners, who often never seem to be able to see asset bubbles coming, or to even know how to safely deflate said bubbles if they could see them coming.

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