Policy rules are better than discretion because they avoid the time inconsistency problem.
政策规则优于自由裁量,因为它们避免了时间不一致性问题。
真正的投资者欢迎波动性……一个剧烈波动的市场意味着不合理的低价将周期性地附着于稳健的企业。
The only way to deal with the past is to confront it.
在一个团体中最好的部分是有兄弟可以分享一切。