1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies
Grass Hopper
Grass Hopper
Articles (550)  | Author's Website |

John Mauldin - The Lions in the Grass, Revisited

April 06, 2014

The Lions in the Grass, Revisited

By John Mauldin

April 5, 2014

“In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them.

“There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.

“Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.”

– From an 1850 essay by Frédéric Bastiat, “That Which Is Seen and That Which Is Unseen”

I’ve come to South Africa a little bit ahead of my speaking tour next week to spend a few days “on safari.” Which is another way to say that I am comfortably ensconced in a game lodge next to Kruger Park, relaxing and trying to get some time to think....

Continue reading here.

About the author:


Rating: 0.0/5 (0 votes)

Comments

Please leave your comment:


GuruFocus Mobile App


User Generated Screeners


DBrizanaapl & brk beater
kazuMomentam
DBrizanblank customized 29Jul2016
timschenkscreen 28 juli 2016
kkopacz.bizForwardRateOfReturnConsumrDef
jtepper2Beneish+Sloan+AZ
jtepper2Beneish+Sloan
DBrizanUSA Holdings 27Jul2016
DBrizanCDN watch 27Jul2016
DBrizanCDN 27Jul2016

Select portfolio(s):

  • Loading...

Why you are interested?

Your selection and notes will be stored in your portfolio.

Login to add portfolio
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK