I find it amusing that the debacle in Copenhagen which just finished was the birthplace of Hans Christian Andersen. One of the most famous stories of Andersen’s included the famous quote from the child, “but the emporer has no clothes”. And so it is left to the children to speak the truth. The truth is, after being in this business since 1975, I came to the realization a few years ago about what a silly business this is (at best) and how malign it is (at its worst). After all, we spend all this time and money shuffling around pieces of paper which have virtually no utility in the real world. We bet (because this market today has little or nothing to do with investment) billions of dollars or euros or … Read more »