WEEKEND JOURNAL: "From Bear to Bull," by James Grant, Wall Street Journal, 19-20 September 2009.

Cool bit I loved:

To the English economist Arthur C. Pigous is credited a bon mot that exactly frames the issue. "The error of optimism dies in the crisis, but in dying it gives birth to an error of pessimism. This new error is not born an infant, but a giant."

The art of the long view, as my friend Peter Schwartz would say, is a skill of the optimist.