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Melting into Air.

The New Yorker

| November 10, 2008 | Lanchester, John | COPYRIGHT 2008 All rights reserved. Reproduced by permission of The Condé Nast Publications Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

For most adults, the sensation of being proved right is usually a complex and bittersweet one. You might have said that your brother-in-law would turn out to be a no-goodnik, or that the forty-third President would turn out to be the worst in American history, and you may regard subsequent events as inarguable proof that you were right--but it's not an especially happy feeling. It changes nothing about the world outside your head. You were right. Congratulations. And?

One of the peculiar things about the world of finance is that it freely offers the sensation of being proved right to its participants. Every transaction in the markets has a buyer and a seller, ...

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