For the back half of the 20th century (what Fortune founder Henry Luce called “The American Century”), MBA and law degree programs were a ticket to a great office job and a path to the American Dream. The 21st century is asking the question: What happens when all those office jobs get automated?..
The market can remain irrational longer than you can remain solvent. That’s never been more true than now. I think the US bailing out the rich in the last two recessions have perverted the normal risk reward calculations.