Saturday morning commentary:
- An amazing retirement letter from hedge fund founder Andrew Lahde
- How to get up early, and a nice (completely uneconomic) story of swimming in the Lake District, from Tim Harford
- A plan for the digital economy to help kickstart the economy (not yet much of a plan but interesting to see what comes of it), on top of bringing forward several billion of capital spending from 2010-11 to the current year.
- Gordon Brown's reservations about "the weaknesses of unbridled free markets". For me, these can be summarised simply: the prisoner's dilemma, the agency problem, asymmetric information, transaction costs and a collection of problems related to unpredictability and risk. Hopefully the solutions will not be worse than the problems. Another post on this later today.