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Exact(8)
Economic theory teaches us that free trade in markets leads to efficient allocations.
However, a secondary effect showed that "a previous win in the markets leads to increased, and eventually, irrational, risk-taking in the next round of trading".
"If you grow up in a country where arbitrary rule leads to the total ruin of society, the suppression of free markets leads to the collapse of living standards, of course you're going to grow up a libertarian," he said.
It argues that the lifting of restraints, such as interest-rate caps on deposits or rules that prevent banks from operating in certain markets, leads to more intense competition.
"If you grow up in a country where arbitrary rule leads to the total ruin of society, the suppression of free markets leads to the collapse of living standards, of course you're going to grow up a libertarian," he has said.
There's an emotional component to the belief that buying into low-P/E markets leads to success.
Similar(51)
Asian markets led the way lower on Thursday.
At the same time, the saturation of domestic markets led to a search for customers overseas.
But the trend is also clear in more mature markets, led by the United States.
Internet companies and soaring stock markets led lawyers to demand higher and higher salaries.
Verizon's dominance in more than 20 markets led the Federal Communications Commission to demand the asset sale.
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