And annihilated them. This time would be no different. It seems so obvious now, but at the time only John Levinson, then a young Goldman Sachs tech analyst, saw it coming. Anybody betting on the same old closed-system, proprietary paradigm is just plain wrong. Six years later he was still short it.
Every time is different.
The one that showed a surplus. Those who ignored him have been buried alive by thriving bond and stock markets. Every day there is a demonstration that this time it is different. Only those too lazy or inflexible to change would disagree. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.