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I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.

Rulers like Egypt's Gamal Abdel Nasser started subsidizing bread as a way to buy loyalty, or at least obedience, and this system became so pervasive that the Tunisian scholar Larbi Sadiki described countries who used it as dimuqratiyyat al-khubz - "democracies of bread." But the problem with this system of offering bread in exchange for genuine democracy is that it can never last - sooner or later, the bread will run out, and people will start demanding bread and roses too.

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