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Arbitrage and the Advice We Give

In March the gap between London and New York gold prices jumped to $60 per ounce, 40 times the typical spread of $1.50 per ounce. In times of fear, investors prefer to have their gold in New York. These extreme arbitragearbitrage: to simultaneously buy low and sell high; everyone's dream. opportunities have short windows. Arbitrage is one of my favorite words and economic ideas. Other dislocations in prices are less pronounced but more enduring. Irish playwright George Bernard Shaw said that "a ...

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Read The Footnotes

70% of people don't read beyond the headlines. I don't know if this is true or where I saw it but it feels right. Footnote reading has got to be a rare sport. Perhaps one in a hundred do that. Some deep understanding requires footnote experience. We're overloaded with a world run by clicks and giggles, one that plays with our emotions so footnotes get lost and can go deepDavid Foster Wallace: And the world will not discourage you from operating on your default-settings, because the world of men ...