The Second Gresham’s Law
Every ValueWalk reader knows Gresham’s Law: Bad money drives out good. Q4 2021 hedge fund letters, conferences and more Named for Sir Thomas Gresham (1519 – 1579), English financier, who observed, when debased coinage becomes legal tender, pure coinage is hoarded or melted down, driving “good money” out of circulation. Sir Thomas’ namesake, author William Lindsay Gresham (1909 – 1962), whose “Nightmare Alley,” the grim 1946 novel and 1947 film noir of carnival deception, was recently remade by Guillermo del Toro, promulgated his own Gresham’s Law in the 1953 classic expose of carnival life, “M...