“Individuals, professional investors and financiers are prone to project their own recent experiences into the future,” he wrote. They assume good times will continue, and they grow careless about risk, perceiving it through rose-colored lenses.”In 2017, Mr. Klarman returned some of his fund to his investors, saying he didn’t see enough good investment opportunities. Mr. Klarman, a registered independent, was a donor to Republicans for years but has become a critic of Mr. Trump and has sought to elect Democrats to neutralize him. He said in his letter that he was particularly worried about the social and economic implications of Mr. Trump’s efforts to paint accurate information as “fake news.”“This post-truth moment is quite dangerous,” Mr. Klarman wrote. If our leaders are truth-challenged, will Americans believe the official explanation of the threat and the wisdom of the proposed response?

Source: New York Times January 22, 2019 08:00 UTC