May 31, 2012
"If we’re observing a situation in which capital has become plentiful relative to entrepreneurial ideas, shifting the balance of power between investors and founders, then the natural question to ask is whether we have more capital or fewer ideas. It seems to be fashionable in some quarters to say we have a shortage of ideas, but I think this is hard to quantify. What’s clear is that we have a surge in capital. This has been a bad decade for developed countries, but the world as a whole has gotten dramatically richer over the past 15 years (think China, India, commodity exporters, etc.), and the United States has attracted big inflows of the money that’s resulted."
May 1, 2012
"Most human beings lack the skill and emotional wherewithal to be good investors. Linking investing and retirement has turned out to be a recipe for disaster. People tend to be overconfident about their own abilities. They tend to focus on the short term rather than thinking about long-term consequences. And they tend to think that whatever the current trend is will always be the trend. That is why people buy high and sell low."
— From Joe Nocera’s NYTimes op-ed discussing the “failed experiment” that is the 401(k) plan.
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