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Tim Worstall  

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  • Adam Smith Was Right: Excess Profits Get Competed Away [View article]
    Oh sure, entirely happy for the idea to be thought of as explaining "one hedge fund strategy" not all hedge funds.

    Indeed, it's probably stronger if you think of "all hedge funds" as being those capitalists looking for the excess profits and the one or three that find a way being the ones who get the rest of the pack chasing them down and eradicating those excess profits once that pack hears about the method/trading strategy.

    It's both a micro and a macro pehnomenon if you like. Works with whole industries, within industries, same thing.
    Nov 29, 2011. 10:36 AM | 1 Like Like |Link to Comment
  • Adam Smith Was Right: Excess Profits Get Competed Away [View article]
    As a Brit and Englishman, might I just correct you here?

    "Scotland is part of Great Britain, aka, the United Kingdom. A geographic distinction. But when we say someone is British, it implies they are English, i.e., from England. Its about giving credit where credit is due."

    It's the other way around. We can be English, Welsh or Scots, but all are British. To state that someone is British is not to state or imply that they are English, rather, that they are English, Welsh or Scots.

    What has caused all sorts of trouble over the decades is that some of those in Northern Ireland would like to be considered British and others in Northern Ireland would not.

    And, just to clear this up once and for all: England is England, England plus Wales is Britain, Britain plus Scotland is Great Britain, the UK is the United Kingdom of Great Britain and Northern Ireland and the whole kit and caboodle, the UK plus Eire plus Isle of Man etc is the British Isles.

    And while I'm here writing a comment almost longer than the original piece: William Wallace was minor nobility, not a commoner. Admittedly, among medieval Scots, not a huge distinction, but one they made at the time.

    Finally: the best bit of Adam Smith trivia I know is that he once employed James Watt to come and fix the Glasgow University steam engine.
    Nov 27, 2011. 08:21 AM | 7 Likes Like |Link to Comment