----- Original Message ----- From: "Sabri Oncu" <[EMAIL PROTECTED]>
I find it difficult to believe that Bob Litterman at Goldman Sachs Asset Management really believes in the above. He is not only very smart but also very well educated. For example, I don't think, among _many_ other things, that he is unaware of know this: http://cepa.newschool.edu/het/profiles/sonnens.htm This seems to be another example supporting Sloterdijk's thesis: "They know very well what they are doing, but still, they are doing it." > For me, the investment world is constantly in equilibrium - > but it is an equilibrium that is constantly moving. It is > instantaneous, but instantaneously morphing. It bears a lot > of analysis, but only of what it was and how it has changed, > not what it will be. Bubbles only appear bubbles after the > event. While inflated they are equilibria, pure and simple. And the above is complete garbage. Sabri =================== Isn't it Robert Lucas' contention that the economy is always in equilibrium? Ian
