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Dedicated follower? Or asset allocator?

Three simple rules – pay less, diversify more, and be contrarian – will serve almost everyone well who invests.

From the fat cats to long tails: when all is not...

To choose appropriate models you need to understand both the maths and the business environment. Media industries and financial institutions have both been unsuccessful in marrying these two skills.

History vindicates the science of muddling through

The practical man must build out, step-by-step from the current situation – the science of muddling through.

Kudos for the contrarian

Some economists believe there is a deep underlying structure from which laws of economic behaviour that are universal in time and space can be deduced. I think that search is a wild goose chase.

Blown off course by butterflies

Economic crystal ball-gazing remains unscientific. We project current preoccupations with exaggerated speed and to an exaggerated degree and forget that our preoccupations change.

Obama is right to opt for pragmatism

The blunt truth is that free markets are not a particularly efficient system for allocating resources. They are just – like democracy – more efficient than other systems and – unlike democracy – more innovative than other systems.

Friedman and the limits of academic pluralism

Pluralism is the mark of intellectual seriousness: recognition of the force of a wide range of arguments with which one does not agree.

Why pain is good – in both medicine and finance

John describes the vital role that pain - the gift no-one wants - plays in the evolution of business and finance.

There are sensible reasons for irrational behaviour

If we are persistently irrational, perhaps the behaviour is not irrational.

Statistics, damned statistics and value added

Starting from a flawed productivity comparison, John highlights the difficulties in interpreting economic statistics.