Creative Capital

On Populism

by Greg Curtis
Civilization is like a very fine suit of clothes that is just slightly too small for us. The term “populism” derives from the Latin, populus, meaning “people.” It doesn’t mean “people” in the sense of “There are a lot of people who don’t read my blog.” It means “people” in…

Investing in a Rigged Market, Part IV

by Greg Curtis
If we care about the health of free market economies, then we need to care about how efficiently capital is allocated in those economies. And if we care about efficient capital allocation, then we need to care about the health and efficiency of capital markets, because those markets are the…

Squeezing out the Investment Experts

by Greg Curtis
The core problems with central bankers, which have led directly to the catastrophes of the Tech Bust, the Financial Crisis, the pathetically weak recovery from the Great Recession of 2008-​09, and the near-​destruction of the asset management business, are: groupthink, arising out of the fact that every central banker in…

The Fed and Friends

We are talking about the traumatizing events that rocked the asset management business, to say nothing of the world, beginning in 2008, a calamity brought to us courtesy of the world’s central bankers.

Investing in a Rigged Market

The asset management business as we know it today got started in the mid-​19th century. The impetus for investment management firms separate from banks arose out of the awkward fact that banks often fail, while asset management firms hardly ever do.

To Experts: a Few Words of Wisdom

by Greg Curtis
“I would rather be governed by the first 2,000 names in the Boston phone book than by the Harvard faculty.” –William F. Buckley

Back to the Middle Ages: A Century of “Expertism” in America

by Greg Curtis
The vast Federal regulatory apparatus that we know and love today got its start early in the 20th century under President Woodrow Wilson. Appropriately, Wilson was the only President in U.S. history to earn a PhD – he’d been president of Princeton University.

It was a Good Idea in Theory…

by Greg Curtis
Back in 1986 I launched a wealth management firm I conceitedly called “Greycourt” — it’s an anagram for my name. The firm met with modest success and in 1988 I incorporated it. I was probably the most hopeless, bumbling entrepreneur in the history of private enterprise, but somehow I’ve been with Greycourt…

Democracy, Populism, and the Tyranny of the Experts, Part XI

by Greg Curtis
As far as reigning in annoying experts is concerned, Congress and the judiciary are a bust, albeit with a few tiny bright spots on the distant horizon, twinkling away like dying lighthouses on a storm-​tossed sea. But what about the Presidency?

When Experts Judge the Experts

by Greg Curtis
In my last post we examined the (pathetic) attempts of Congress to control the tyranny of the experts. Fortunately, Congress isn’t the only weapon in the battle against expert oppression, even at the Federal level. Let’s take a look at the judiciary.

Democracy, Populism, and the Tyranny of the Experts, Part IX

by Greg Curtis
“The complexity of modern life has steadily whittled away the functions the ordinary citizen can intelligently and comprehendingly perform for himself…When he sits down to breakfast and looks at his morning paper, he reads about a whole range of vital and intricate issues and acknowledges…that he has not acquired the…

Democracy, Populism, and the Tyranny of the Experts, Part VIII

by Greg Curtis
Freedom is better, even when it’s worse. We might think about experts the way we think about stop signs (bear with me on this…)

Democracy, Populism, and the Tyranny of the Experts, Part VII

by Greg Curtis
Viewed through the lens of “the tyranny of the experts,” it’s easy to see that in the last election Hillary Clinton was the candidate of the experts, while Donald Trump was the candidate of people who were tired of being tyrannized by them.

Democracy, Populism, and the Tyranny of the Experts, Part VI

Populism is an unsettling phenomenon in part because we don’t know where it will end. And we don’t know where it will end because populism isn’t itself a governing idea — it’s a response to the perceived failure of other governing ideas.

Democracy, Populism, and the Tyranny of the Experts, Part V

If we wanted to — well, we do want to — we could go back 2,500 years and identify the exact point when human civilization went off the rails on the subject of experts.
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