Saturday, May 19, 2012
On the Road
Traveling. Late to bed and early to rise. Baby wide awake at 4:30 a.m. and counting. This short post is going to be it for today. Comments and email will probably have to wait until tomorrow.
"The detachment and indifference to the underlying asset is actually a major benefit in that it permits one to learn the patience and market psychology of how to trade, including the basics of money management and controlling risk" -- Jonathan Hoenig, in "Forex Teaches Trading Without Training Wheels" at SmartMoney
"It isn't the past alone that shapes us. It's our ideas and attitudes." -- Michael Hurd, in "Get Past the Past!" at DrHurd.com
"The result of producing, saving, and investing is not the miser's life nor the cartoonish life of Mr. Scrooge but the life of earned success, supreme comfort, and guilt-free happiness. 'Austerity' seems much too harsh a name for this kind of wonderful life." -- Richard Salsman, in "Fiscal Austerity and Rational Morality" at Forbes
Another False Dichotomy
The Salsman piece is the first of a series of three that look to be required reading. Arguing that "the debate needs a moral dimension and would benefit much from applying a rational morality", Salsman notes that a false dichotomy, between prodigality and aesceticism, is undermining the real debate we need to be having, about the size and scope of government. It is interesting to me that, before reading the piece, I'd never considered the full (and wrong) implications of the term "austerity", and yet now, these seem obvious.
Today: Minor format edits.