Lessons Learned From A Dangerous Year: "For fixed-income investors, what matters most is not the return on your money, it’s the return of your money."
What Bill Gates really means by creative capitalism: An elegant piece from Martin Wolf.
Crisis Averted. What of the Next One? Add Robert Shiller to the people calling for "a better framework for dealing with systemic crises". Of course, no one opposes frameworks, they just never happen, no matter how many op-eds are written.
FSA Report on False HBOS Rumours (in full): "It was clearly the result of more sellers than buyers which made the HBOS price fall more than it would have if this hadn’t been the case."