Ep. 732: Speculative Wisdom with Michael Covel on Trend Following Radio

Do people really buy that many books? Yes!
Do people really buy that many books? Yes!

Subscribe to Trend Following Radio on iTunes

Michael takes a journey through the wisdom of Dickson Watts.


“In practical life we are compelled to follow what is most probable; in speculative thought we are compelled to follow truth.” –Baruch Spinoza, The Letters

“Most areas of intellectual life have discovered the virtues of speculation, and have embraced them wildly. In academia, speculation is usually dignified as theory.” –Michael Crichton

“There can be a reserve demand for a depletable resource, just as there is speculative reserve demand for any other stock of goods on the market. This speculation is not simple wickedness, however; it has a definite function, namely, that of allocating the scarce depletable resource to those uses at those times when consumer demand for them will be greatest. The speculator, waiting to use the resources until a future date, benefits consumers by shifting their use to a time when they will be more in demand than at present.” –Murray N. Rothbard, Man, Economy, and State / Power and Market: Government and Economy

More.

The Author