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ipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees." (Keynes, The General Theory of Employment, Interest and Money, 1936). 3 0 Oaktree Capital Management, L.P. All Rights Resented EFTA00302098 Keynes cre
ke a good thing too much. Unsurprisingly, it also turned out that predictions of a flawless future can be wrong, as once-dominant companies such as Kodak, Polaroid and Xerox eventually went bankrupt or required turnarounds. Roughly ten years ago, everyone was gaga over real estate, especially resident
ods is largely automated, as are many services. What’s left for humans to do? In 1930—long before the advent of computers, let alone AI—John Maynard Keynes wrote, in an essay called “Economic Possibilities for our Grandchildren,” that as a result of improvements in productivity, society could produce all
judicial transparency may pull in opposite directions. It reminds me of a moment in the history of physics. Just after World War II, the film giants Kodak and Ilford perfected a film that could be used to reveal the interactions and decays of elementary particles. The physicists were thrilled, of course
ods is largely automated, as are many services. What’s left for humans to do? In 1930—long before the advent of computers, let alone AI—John Maynard Keynes wrote, in an essay called “Economic Possibilities for our Grandchildren,” that as a result of improvements in productivity, society could produce all
judicial transparency may pull in opposite directions. It reminds me of a moment in the history of physics. Just after World War II, the film giants Kodak and Ilford perfected a film that could be used to reveal the interactions and decays of elementary particles. The physicists were thrilled, of course
Entities connected to both Keynes and Kodak

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