Quotes of the day

If a stock goes down 50%, I'd look forward to it. In fact, I would offer you a significant sum of money if you could give me the opportunity for all of my stocks to go down 50% over the next month.--Warren Buffett

Using comprehensive data on natural disasters, government spending, and election returns, I show that voters reward disaster relief spending but not disaster prevention spending. This aspect of voter behavior creates a large distortion in the incentives that governments face, since the data show that prevention spending substantially reduces future damage.--Andrew Healy

That seems like a pretty sensible drilling strategy: a Swedish company make a major discovery of oil in July, and it plans to start drilling in just TWO MONTHS. Compare that to the U.S. strategy - discover major deposits of crude oil in ANWR in 1987, and ban drilling for more than TWO DECADES.--Mark Perry

May I really carry it inside my home without a license, just as if I were a free citizen in a country that respects individual liberty? I am overcome with gratitude, really overwhelmed with the state's generosity . . . permission to cry, sir?--Megan McArdle