Is there an economic theory that you feel fits the times and makes sense?
We have to get rid of deficit spending. We need to retire the deficit in some orderly way, and the federal
government should have to balance its budget just as the states do. At that point, Milton Friedman's proposal for a
constant money supply adjusted by a growth factor would probably be a good idea.
What is the most important advice you could give the novice trader?
Trade small because that's when you are as bad as you are ever going to be. Learn from your mistakes. Don't
be misled by the day-to-day fluctuations in your equity. Focus on whether what you are doing is right, not on the
random nature of any single trade's outcome.
After Dennis announced his retirement from trading to pursue his political interests full time, I called with
some follow-up questions. I spoke to an aide who took down the questions. Several days later, he called back with
Dennis' replies. These questions and answers follow.
Individuals who invested in your funds during your final year as a money manager fared poorly.
How would an investor have done if he started on your first day as a money manager and kept his money
fully invested until your last day in that role?
Each $1,000 invested would have been worth $3,833 when the accounts were closed. [This works out to
approximately a 25 percent annual compounded return. The figure would have been more than double that at the
equity peak about one year earlier.]
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