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What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price. ↗
The intellectual architecture means focusing on doing great work instead of focusing on agency politics. ↗
True genius resides in the capacity for evaluation of uncertain, hazardous, and conflicting information. ↗
It is the union of independence and dependence of these branches - legislative, executive and judicial - and of the governmental functions possessed by each of them, that constitutes the marvellous genius of this unrivalled document. ↗
