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January 11, 1999

Now that's what I call a happy new year! The economy is gathering steam again. The stock market is going through the roof. The NBA is going to start playing basketball again. Even congress seems to be getting something resembling its act together.
Louis Rukeyser on Wall $treet Week (1/8/99)

Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country, knocking over the weaker ones. It is difficult to escape the conclusion that the international financial system itself is the main culprit in the meltdown process. It is time to recognize that financial markets are inherently unstable.
George Soros in an excerpt from The Crisis of Global Capitalism (link from Newsweek)

One of the most helpful things that anybody can learn is to give up trying to catch the last eighth or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.
Reminiscences of a Stock Operator by Edwin Lefevre

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