It's Greek to me...

Feb. 12th 2010

"Path dependence explains how the set of decisions one faces for any given circumstance is limited by the decisions one has made in the past, even though past circumstances may no longer be relevant. In essence, history matters."

"With regard to the future, the choices we make determine the paths we will take."

"As I have been writing for a long time, we have made a series of bad choices, often the easy choices, all over the developed world. We are now entering an era in which our choices are being limited by the nature of the markets. Not only are we in a path-dependent world, but the number of paths from which we may choose are becoming fewer with each passing year."

John Mauldin's most recent note manages to reduce all the noise into a simple hum. He discusses the mess in Europe. His next conference is April 22-24 in La Jolla CA