it begins with bernie made and --ks back to carlo ponzi off and works back to carlo ponzi. is therth thing we cover increase in sophistication in the handling of investment in two categories. one is the growth of investment theory. investment theory was not born until about 1900. that is interesting. it has cast lots of doubt in some areas and lots of affirmation in others. and this may be controversial with some of you, we think we have gotten a lot better as a national economy in managing economic policy for the benefit of investors. there is all kinds of opinions on that. i would not want to poll congress on how they feel about it, but the fact is we think we established in the book and we put an acquisition the. period ofat -- the the great depression and how it was wrong and the great recession and how it was in over -- was inadvertent. let's talk about investment and what is important. iswe define it, investment, the commitment of resources in the hope of earning a return in the form of income, gain, or both. the activity of investment is remarkably pervasive and not