Word: leaded
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...Increasingly, we as human beings create systems that are more complex than we can comprehend. If you're designing an airplane you create redundancies to try to mitigate bad outcomes, but as we saw earlier this year with Air France 447, when certain cascading events line up, they can lead to a disaster that you just can't anticipate. In the realm of the social, we create institutions like global, interconnected markets. By and large when investors are operating with some degree of diversity, when they're thinking about things differently - time horizons, trading strategies - the markets are basically efficient...
...active manager, what makes you think you can do better than others over time? We like to think about four distinct building blocks. One is thinking about capital markets more properly. Sometimes markets are efficient and sometimes they aren't. The insight is knowing what mechanisms lead you from efficiency to inefficiency. The second is being very disciplined in valuation, in figuring out if there are differences between fundamentals and expectations. The third thing is competitive strategy work, being able to apply tools from microeconomics and strategy to figure out which companies are going to do better or worse down...
...without some emotion on behalf of the people whose lives are turned upside down,” Kirwan said. “If I ever get to a state in my life when I’m not troubled by the fact that economic challenges and budget reductions lead to personnel impacts, then maybe I should go into another field...
...Most of these changes cannot be "scored" by accountants as yielding savings, since no one knows exactly how the system will respond to the new rules. Will doctors and hospitals revolt en masse against the changes? Will improved treatment really lead to a significant drop in unneeded procedures? "You need to give things a chance to change," explains Joseph Aslop, a health adviser for the Congressional Budget Office (CBO). "If you put [the pressure] on too hard too fast, things are going to break." (See 10 players in health-care reform...
...critical unknown is whether the escalating pressures will lead the theocracy to compromise or make it even more obstinate once it reaches the negotiating table...