Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain. These are the same people who like to watch the locomotive coming and get run down in the name of discipline.

As a professional, you can afford to pick some stocks and be wrong about a few of them. To keep your job, you cannot take the risk of being seen to be wrong about the 'big picture' for very long.

Capitalism does millions of things better than the alternatives. It balances supply and demand in an elegant way that central planning has never come close to.

I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.

The appreciation of capital assets is already taxed at an extremely favorable rate compared to labor. That's why the rich pay such a low effective tax rate no matter what their marginal tax bracket.

The truth is that transitioning to clean energy like wind and solar will create millions of new, good jobs that can't be outsourced, and spur economic growth - all while avoiding the inevitable, significant damages our economy will suffer should we keep building more pipelines.

In a general sense, I think it's bad to bring too much money into climbing, since it takes away a little from the beauty of the mountains. But at the same time, I can't blame the Nepali government - or the Indian, Pakistani or Chinese, depending on where you're climbing - from wanting to capitalize on foreign climbers.

I'm afraid sometimes certain individual cases of defaults are unavoidable. What we should do is to step up monitoring, properly handle relevant matters, and ensure there is no regional and systemic financial risk.