It's Not Whether You're Right

The Generally Accepted View Is That Markets Are Always Right -- That Is, Market Prices Tend To Discount Future Developments Accurately Even When It Is Unclear What Those Developments Are. I Start With The Opposite View. I Believe The Market Prices Are Always Wrong In The Sense That They Present A Biased View Of The Future.

Who Most Benefits From Keeping Marijuana Illegal? The Greatest Beneficiaries Are The Major Criminal Organizations In Mexico And Elsewhere That Earn Billions Of Dollars Annually From This Illicit Trade - And Who Would Rapidly Lose Their Competitive Advantage If Marijuana Were A Legal Commodity.

I Contend That Financial Markets Never Reflect The Underlying Reality Accurately; They Always Distort It In Some Way Or Another And The Distortions Find Expression In Market Prices. Those Distortions Can, Occasionally, Find Ways To Affect The Fundamentals That Market Prices Are Supposed To Reflect.

To Others, Being Wrong Is A Source Of Shame; To Me, Recognizing My Mistakes Is A Source Of Pride.

Democracy, By Its Very Nature, Can't Be Imposed On People. Democracy Has To Be The People Deciding For Themselves.