Wednesday, July 02, 2008

Shooting the Breeze

George Soros, Martin Wolf and some other dudes get together to talk future prospects for the economy. [via]

The level of economic and financial experience I would need to confidently assess which of these experts is right about the future is so great that if I had it, I wouldn't need an expert. Who, exactly, are these symposia for? For the generalist reader, it's like a buffet of opinions...just take what you know you're probably going to like and forget the rest.

My take-away is to spend as little as possible, live as far as possible below one's means, keep short-term money in an HSBC or ING savings account and long-term money in a low-cost index fund. But that's the same thing I would do if the economy were booming and prospects looked bright. Again, if I was sophisticated enough to go beyond these basics in good times or bad, I probably wouldn't gain any insights by reading this symposium.

Therefore, I propose that all symposia, colloquia, roundtables, and panels be banned forthwith.

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