The investment world has gone from underpricing risk to overpricing it. This change has not been minor; the pendulum has covered an extraordinary arc. A few years ago, it would have seemed unthinkable that yields like today’s could have been obtained on good-grade municipal or corporate bonds even while risk-free governments offered near-zero returns on short-term bonds and no better than a pittance on long-terms. When the financial history of this decade is written, it will surely speak of the Internet bubble of the late 1990s and the housing bubble of the early 2000s. But the U.S. Treasury bond bubble of late 2008 may be regarded as almost equally extraordinary.
Clinging to cash equivalents or long-term government bonds at present yields is almost certainly a terrible policy if continued for long. Holders of these instruments, of course, have felt increasingly comfortable – in fact, almost smug – in following this policy as financial turmoil has mounted. They regard their judgment confirmed when they hear commentators proclaim “cash is king,” even though that wonderful cash is earning
close to nothing and will surely find its purchasing power eroded over time.
Approval, though, is not the goal of investing. In fact, approval is often counter-productive because it sedates the brain and makes it less receptive to new facts or a re-examination of conclusions formed earlier.
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2009年2月28日星期六
2009年2月27日星期五
能帮忙的小程序
笔记本的空间不断的变小，一直找不出原因，真的不觉得自己储存了很多文件。所以心里有一些纳闷，也没有时间去找出原因，因为还没有到完全绝望的境地。突然，网上宣布Omni公司不少App自由化了，可以随便下载。在占小便宜心态的触动下，也去逛了一圈，刚好发现这个玩意儿能够解决眼下的需求，拿来试了一下，立马发现硬盘里面一大块空间，被一帮不知来历的文件占领着。去掉这一堆累赘，感觉轻松多了。特此表扬这个小小的App。
对了，忘了告诉你它的名字：
OmniDiskSweeper is a utility for quickly finding and deleting big, useless files and thus making space on your hard disks.
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2009年2月14日星期六
2009年2月11日星期三
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