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Nick Gogerty’s Followers (1)
Nick Gogerty
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The Nature of Value: How to Invest in the Adaptive Economy
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published
2014
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3 editions
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“Price mostly meanders around recent price until a big shift in opinion occurs, causing price to jump up or down. This is crudely modeled by quants using something called a jump-diffusion process model. Again, what does this have to do with an asset’s true intrinsic value? Not much. Fortunately, the value-focused investor doesn’t have to worry about these statistical methods and jargon. Stochastic calculus, information theory, GARCH variants, statistics, or time-series analysis is interesting if you’re into it, but for the value investor, it is mostly noise and not worth pursuing. The value investor needs to accept that often price can be wrong for long periods and occasionally offers interesting discounts to value.”
― The Nature of Value: How to Invest in the Adaptive Economy
― The Nature of Value: How to Invest in the Adaptive Economy
“Bejan’s theory has three tenets: Life is flow: All flow systems are live systems, the animate and the inanimate. Design generation and evolution is a phenomenon of physics. Designs have the universal tendency to evolve in a certain direction in time.”
― The Nature of Value: How to Invest in the Adaptive Economy
― The Nature of Value: How to Invest in the Adaptive Economy
“Full-scale river systems mature the same way, carving out large, varying paths over thousands of years. Geologically young rivers flow straight and fast, whereas older rivers adapt to have more turns and twists. The changing shape of the river represents the patterned “knowledge” embedded in it from thousands of years of resolving gradient flows, with the prior shape providing the guide for how to “capture” more of the flowing water’s potential energy and dissipate more energy into the surrounding system.”
― The Nature of Value: How to Invest in the Adaptive Economy
― The Nature of Value: How to Invest in the Adaptive Economy
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