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This week I take great pride and pleasure in being able to bring you a recent letter from my very good friend Peter Bernstein. I asked him to let me publish this, as I think this is one of the more important, thought-provoking pieces I have read in a very long time. I am grateful for that permission...
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Introduction Today's Outside the Box will feature one of the better pieces written in the last few years by my good friend Paul McCulley. In his article "The Plankton Theory Meets Minsky," Paul shows the importance of why the problem with sub-prime mortgages will affect the entire housing...