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John Kenneth Galbraith

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  1. The Idolatry of Interest Rates


    Thu, 21 May 2015

    rates. Economy too weak, then lower interest rates. A bubble bursts, then slash interest rates, etc., etc. John Kenneth Galbraith poetically described this belief as “...our most prestigious form of fraud, our most elegant escape from

  2. Howard Marks: Risk Revisited


    Fri, 5 Sep 2014

    investment manager. On the other hand, I’m solidly convinced the future isn’t knowable. I side with John Kenneth Galbraith who said, “We have two classes of forecasters: Those who don’t know – and those who don’t know they don’t know.” There are several reasons for this inability to

  3. Howard Marks: Dare To Be Great II


    Wed, 16 Apr 2014

    markets quite fair – asymmetry is reduced, and a formula that everyone can access can’t possibly work. As John Kenneth Galbraith said, “There is nothing reliable to be learned about making money. If there were, study would be intense and everyone with a positive IQ would be rich.” If merely applying a

  4. The Coming Retreat in Corporate Earnings


    Fri, 27 Dec 2013

    no longer apply” and “this time is different” – heard at every major valuation peak in history. As John Kenneth Galbraith wrote decades ago about the advance to the 1929 peak “It was still necessary to reassure those who required

  5. Disconnect: Why Stocks and Economy Often Move in Opposite Directions


    Tue, 7 May 2013

    expectations, even if that growth is relatively weak, can often be accompanied by a rising stock market. As John Kenneth Galbraith once said, “The only function of economic forecasting is to make astrology look respectable.” As coined

  6. FPA’s Romick on ‘Blind Faith’ in the Fed


    Mon, 5 Nov 2012

    likely be short-term pain, but we believe that will prove better than potentially disastrous consequences. John Kenneth Galbraith once described the trade-off: “Politics is not the art of the impossible. It is choosing between the unpalatable

  7. Words of Wisdom on Economists


    Wed, 1 Dec 2010

    if all the economists of the world were laid end to end, it wouldn’t be a bad thing.” 1 And, even John Kenneth Galbraith , a famed economist himself, once said: “Economics is extremely useful as a form of employment for economists

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