“We are close to a time when we’ll look back and say we did some stupid things.”
–Ken Lewis, former Bank of America CEO, March 2007
The biggest challenge in boom periods is to not waste surging cash flow on poor allocation choices; because the up cycle always, always, mean reverts. Whether we are ready or not.
John Hewson, former leader of the Liberal Party of Australia, tells CNBC that Australia has squandered the benefits of the China-led resources boom.Here is a direct video link.