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“How good are markets in predicting real-world developments? Reading the record, it is striking how many calamities that I anticipated did not in fact materialise.
Financial markets constantly anticipate events, both on the positive and on the negative side, which fail to materialise exactly because they have been anticipated.
It is an old joke that the stock market has predicted seven of the last two recessions. Markets are often wrong.”
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Financial markets constantly anticipate events, both on the positive and on the negative side, which fail to materialise exactly because they have been anticipated.
It is an old joke that the stock market has predicted seven of the last two recessions. Markets are often wrong.”
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“Misconceptions play a prominent role in my view of the world.”
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“I start from the position that every human endeavor is flawed: if we were to discard everything that is flawed there would be nothing left. We must therefore make the most of what we have; the alternative is to embrace death. The choice is a real one, because death can be embraced in a number of ways; the pursuit of perfection and eternity in all its manifestations is equivalent to choosing the idea of death over the idea of life. If we carry this line of argument to its logical conclusion, the meaning of life consists of the flaws in one's conceptions and what one does about them. Life can be seen as a fertile fallacy.”
― The Alchemy of Finance
― The Alchemy of Finance
My’s 2024 Year in Books
Take a look at My’s Year in Books, including some fun facts about their reading.
2 books
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51 friends
1 book
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80 friends
8 books
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347 friends
2 books
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9 friends
1 book
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159 friends
2 books
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42 friends
1 book
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175 friends
2 books
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59 friends
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