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Commentary

Schadenfreude in The Big Market Fall

The Harder They Fall, The More I Smile: John Shwartz (HT: Gautam John):

You see, I was never able to make much money in the markets. I agree with Daniel Waterhouse, a character from the 17th century in “Quicksilver,” Neal Stephenson’s brilliant novel, who says that even though he is a knowledgeable “natural philosopher,” or scientist, he has given up on understanding money. “If money is a science,” he states, “then it is a dark science, darker than Alchemy.”

I couldn’t agree more. My own 401(k) plan has already slipped so far that I might have invested more productively over the last few years by burning the cash for heat. Meanwhile, to hear the financial press and the cable channels describe it, everybody but me — especially in the financial industry — was getting rich.

Now we’re even.

Remarkable article, with schadenfreude (joy because of other people’s sadness) rife on every paragraph. You can visualize the author cynically rubbing his hands in glee. It’s probably true that Death is a great leveller.