Death, Taxes and VRP? Not So Fast!
Shortly after the U.S. Constitution was ratified (June 1788) and months before Benjamin Franklin passed away (April 1790), he wrote a letter saying, "Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes." Others have attributed the idiom to Christopher Bullock and/or Daniel Defoe, but in this context, it’s important that none of them mentioned volatility[...]