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There is a problem that is specific to financial markets. In most fields of research, when someone makes an important finding, they publish it. In the case of prices, they set up a firm and sell advice about their discovery. If they can make money from it, they will. So the research into market dynamics is a closed field.

 

Benoit Mandelbrot

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The most important thing I have done is to combine something esoteric with a practical issue that affects many people. In this spirit, the stock market is one of the most attractive things imaginable. Stock-market data is abundant so I can check everything. Financial markets are very influential and I want to be part of this field now that it is maturing.

 

Benoit Mandelbrot

 

When you talk about the regulators [going after market manipulation], why not the financial news networks? That's the whole point of this. CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets. One that has been sold to us as long-term: Put your money in 401Ks, put your money in pensions and just leave it there, don't worry about it, it's all doing fine. And then there's this other market, this real market that's occurring in a back room where giant piles of money are going in and out, and people are trading them, and it's transactional, and it's fast but it's dangerous, it's ethically dubious and it's hurting that long-term market. And so what it feels like—and I'm speaking purely as a layman—it feels like we are capitalizing your adventure by our pension, and our hard-earned—and that it is a game that you know, that you know is going on, but that you go on television as a financial network and pretend isn't happening.

 

Jon Stewart

 

One of the first things they teach stockbrokers is to stay out of the stock market. Brokers make their pile from selling advice, and from commissions on stock transactions. They can't predict the market, and few risk their own money. They, at least, only affect their clients' fortunes. Economists, though, can ruin the lot of us with their advice — yet if no science can predict a relatively closed system like the stock market, how the devil are you going to 'fine tune' something a large as the American economy? I'd think it arrogant to try; as arrogant as the man with three illiterate drug-addicted spoiled brats writing a book on parenting.

 

Jerry Pournelle

 

Akin to, and largely responsible for the sweeping changes in our industrial-military posture, has been the technological revolution during recent decades. In this revolution, research has become central, it also becomes more formalized, complex, and costly. A steadily increasing share is conducted for, by, or at the direction of, the Federal government.
Today, the solitary inventor, tinkering in his shop, has been overshadowed by task forces of scientists in laboratories and testing fields. In the same fashion, the free university, historically the fountainhead of free ideas and scientific discovery, has experienced a revolution in the conduct of research. Partly because of the huge costs involved, a government contract becomes virtually a substitute for intellectual curiosity. For every old blackboard there are now hundreds of new electronic computers. The prospect of domination of the nation's scholars by Federal employment, project allocations, and the power of money is ever present — and is gravely to be regarded.
Yet, in holding scientific research and discovery in respect, as we should, we must also be alert to the equal and opposite danger that public policy could itself become the captive of a scientific-technological elite.

 

Dwight D. Eisenhower

 

I believe that shortly after LSD was discovered, it was recognized as being of great value to psychoanalysis and psychiatry. It was not considered to be an escape. It was a very important discovery at that time, and for fifteen years it could be used legally in psychiatric treatment and for scientific study in humans. During this time, Delysid, the name I gave to LSD, was used safely, and was the subject of thousands of publications in the professional literature. Actually, just last week, I had visitors from the Albert Hofmann Foundation, to whom I gave all of the original documentation, which had been stored at the Sandoz Laboratories. This early work was very well documented, and shows how well research with LSD went until it became part of the drug scene in the 1960s. So, from originally being part of the therapeutic pharmacopeia, LSD became a drug of the street and inevitably it was made illegal. Because of this reputation, it became unavailable to the medical field, and so the research, which had been very open, was stopped. Now it appears that this research may start again. The importance of such investigations appears to be recognized by the health authorities, and so it is my hope that finally the prohibition is coming to an end, and the medical field can return to the explorations which were forced to stop thirty years ago.

 

Albert Hofmann