In a new book about the storied two-century history of Brown Brothers, author
Zachary Karabell argues that conservatism and pragmatism are viable strategies
for surviving disruptions.
“The only evident bubble in the markets is the sheer number of people predicting
bubbles about to burst. Bet against them before you bet against the markets.”
“With every country everywhere borrowing what it can to plug the holes created
by the pandemic, tying the fiscal hands of cities because they misbehaved
decades ago when interest rates were many multiples of what they are now makes
zero sense.”
“What happened in the past few days on Wall Street is akin to what happened in
Britain when voter chose Brexit and in the United States when Trump was elected”