“I don't know what a credit bubble means. I don't even know what a bubb...” — Eugene Fama Quote

I don't know what a credit bubble means. I don't even know what a bubble means. These words have become popular. I don't think they have any meaning.

People are always saying that prices are too high. When they turn out to be right, we anoint them. When they turn out to be wrong, we ignore them. They are typically right and wrong about half the time.

After costs, only the top 3% of managers produce a return that indicates they have sufficient skill to just cover their costs, which means that going forward, and despite extraordinary past returns, even the top performers are expected to be only as good as a low-cost passive index fund. The other 97% can be expected to do worse.

State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What we don't know is whether that order will be enforced. And ultimately, the busted state is going to be looking to the federal government for a bailout. Think Greece, but on a much bigger scale.

Stepping outside of my personal bubble, or that of fashion or beauty, is pretty important to me.

I don't live in a bubble.

Throughout the '90s and early 2000s, our financial industry and governments leaned on a snake-oil mirage of wealth creation, a bubble predicated on the obvious falsehood that things could only get better.

People question what I thought of Oxford. Students used to talk about the 'Oxford bubble' because the place can make you feel cut off from the rest of the world. I would forget there were places like London that were not centred round libraries and essays.

You know, as an only child, you're kind of in a bubble, and there are all sorts of things about my childhood that I still can't really place.