In the Canadian Report on Business Magazine, Tim Taylor has a nice article on my work. It's tied in with cool pictures of Gordon Gekko, who is moving over to my point of view:
When I was away, it seems that greed got greedier, with a little bit of envy mixed in
~Gordon Grekko in Wall Street II
2 comments:
From the article:
"...in a benchmarking environment, underperforming your peers is itself the riskiest bet. “If you had the foresight in 2002 to avoid the subprime housing bubble,” Falkenstein says, “you would have been underperforming your peers for years. It wouldn’t take long for your boss to say: I want somebody who can make money in this space.”"
Eric,
isn't that a roundabout description of an evolutionary environment?
To avoid the madness of the boom, leaves one failing in the benchmarks, so these players go out of existence (in a market sense). Eventually, only the market followers remain, but since the market is on an unsustainable course, the survival of the [insert appropriate term] ensures general calamity.
With fundamentals as poor as this, i'm not sure how people can be so confident that more "regulation" can be of benefit. Booms and benchmarking seem to be seriously incompatible - so what to do - ban performance based enumeration?
Eric,
Congratulations on getting some broader positive exposure to your ideas. When you are rich and famous we'll remember all the great posts here on your blog.
Regards,
Michael
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