Lost Money

Jeffrey Goldberg discusses why he fired his broker. “His company couldn’t manage its own money, much less ours.”

If I lose my job, then I’ll complain…

But for now, no whining: just confusion and bemusement and fear, along with an uncharacteristic sense of paralysis….

I called a psychologist to find out what could explain this weird passivity. Daniel Kahneman is a Nobel Prize–winning innovator in the field of behavioral economics. He explained that my feelings of paralysis were to be expected.

“You no longer know the world you live in,” he said. “You played by the rules, the rules benefited you. The world functioned according to some regularities. Right now, it’s unclear what rules apply. There is a new regime. What seemed prudent earlier has disappeared. I’m surprised Americans aren’t more panicked. Americans seem to accept a level of insecurity in their lives that Europeans wouldn’t tolerate.”

I should have seen the signs of dysfunction much earlier.