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In the 40 years I've been working as an economist and investor, I have never seen such a disconnect between the asset market and the economic reality... Asset markets are in the sky, and the economy of the ordinary people is in the dumps, where their real incomes adjusted for inflation are going down and asset markets are going up. ”
Now, McDonald's is a very good indicator of the global economy. If McDonald's doesn't increase its sales, it tells you that the monetary policies have largely failed in the sense that prices are going up more than disposable income, and so people have less purchasing power. ”
The best way to deal with any economic problem is to let the market work it through. ”
When you have a perfect free market, it's difficult to predict the future. But when you have a market that is disturbed by government manipulations and money-printing, it's impossible to make any predictions. ”
Disney had made such a great deal of money on Snow White that the banks gave him the go-ahead on the next three films. But he was heavily dependent on the foreign market. ”
Fame is addictive. Money is addictive. Attention is addictive. But golf is second to none. ”
Entrepreneurs say in an economic boom it's actually hard to build a company because everybody's too excited and there is too much money funding too many marginal companies. ”
I know where I'm putting my money. ”
And once you get instantaneous communication with everybody, you have economic activity that's far more advanced, far more liquid, far more distributed than ever before. ”
First of all, every new company today is being built in the face of massive economic headwinds, making the challenge far greater than it was in the relatively benign '90s. ”