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Minsky’s big idea was that stability is destabilizing. A lack of recessions actually plants the seeds of the next recession, which is why we can never get rid of them. “Over periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system,” he wrote.
Same as Ever
Morgan Housel
There were files in those cabinets on people who had been represented for twenty, thirty, forty years. And because the agency was so involved in every strategic issue its clients faced, the files were basically biographies of their professional and often personal lives. The file room gave me an incredible foundation of knowledge about the structure and workings of an entire industry. And it was that bedrock of knowledge that later allowed my instincts to develop so sure-footedly.
Five years from now you will wish you had started today.
Excellent Advice for Living
Kevin Kelly
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