Epstein Secrets

have the advantage." Claude Shannon [Tribus & Mclrvine 1971]. I find the last quote very reassuring. In my own opinion, though less well known than Einstein, Von Neumann ranked close to Einstein in terms of genius. Like Einstein, he didn't merely bring in a single profound new idea; but seemed to change

st is in that of finance. The earliest work on random walks was that done by the mathematician Bachelier on stock prices. Bachelier's work predates Einstein's own random walk model of Brownian motion. For half a century Bachelier's work was largely forgotten. The use of random walks in finance was rekin

hat this debt can be expanded indefinitely is to undermine the most important value this debt has; that of security. In similar vein I find much of Milton Friedman's monetary theory terrifyingly naive. However I have found the blogging of 'kitchen-sink' monetarists such as Simon Ward [Ward] and John Hussman [Hus

ke this naïve approach as it stands and follow the consequences through the model. With regard to management behaviour, research from Bray, Graham, Harvey and Michaely [Bray et al 2005] support the contention that maintenance of a constant dividend stream is an important priority for managers of corpo

a form of income redistribution, Friedman's ideas suffer from needing continuous flows. I believe my own proposals achieve the same aims of those of Milton Friedman, at much less cost. I would ask that readers consider these proposals to be more neo—Friedmanite than neo- Marxian. If, however, my ideas are incor

sics, which began with Newton’s kinetics (motion in time and space) and then this three laws. Only in the last chapter did the authors remind us that Einstein later put two of these three into question, and even the kinetics. Halliday and Resnick reasoned, correctly | think, that we sometimes learn more eff

a window. To lighten the mood, | said something about the Red Sox. He said “Getty, I getta papers on banka reform every week. Yours isa the best.” Milton Friedman, another nobelist, had a different take. We had given talks ata Cato Foundation symposium in San Francisco. He hated my idea. No great surprise. He h

words alone. One less something nearer zero, whether that something (the thrift index) is positive or negative, is nearer one. The wonderful books of Einstein (with Enfeld) and Steven Hawking, not to mention Mill, show that even calculus can be put that way. My task has been to follow their tough act. But I

covering payments in the downswings. That would be a problem if accounts yielded zero return, as checkable bank deposits do. The gist of my answer to Milton Friedman was that no amount of money is too much if it yields as much return as other assets of equal risk. Accounts are hedged or leveraged to do so. Omnibus