Malthusian Mistakes July 1, 2004 Dear Investor: The greatest mistake an investor can make—besides punting a life savings on anyone’s idea of a “hot tip”—is to assume that any trend, bad or good, will continue. This error might best be explained by reference to its most famous exemplar, Malthus, the pedantic 18th century English economist who argued that there would never be enough food to feed the world’s expanding population. Malthus looked at...