Great minds think alike!

We would urge our readers to check out Andy Kessler's March 10th piece published in the Wall Street Journal entitled, "Lessons of a Dow decade."

In it, he points out the historic connections between massive capital misallocation -- from the infamous "South Sea Bubble" of the early 18th century to the dot-com bubble of ten years ago and the financial implosion of 2008-2009.

Contrary to the popular narrative that unrestrained capitalism causes such excesses, Mr. Kessler correctly declares: "Misallocation of capital is everywhere and anywhere a fallout of bad government policy." He then calls for a return to investments that create real productivity improvements and new capabilities that don't exist now.

We couldn't agree more. In fact, we have made the exact same case several times. Previously published posts that Mr. Kessler's assertions in this article reinforce include:
It's good to see reinforcement of these convictions from a source we respect as much as Andy Kessler. We guess this is a case in which we can say with a smile, "Great minds think alike!"