Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
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1991 Chairman's LetterWarren Buffett
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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
Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical value is likely to be limited. An additional complication, not encompassed by most stock market models, arises from the manifestation of the market as a nonzero sum game.
Richard Arnold Epstein
When the weather changes and hurricanes hit, nobody believes that the laws of physics have changed. Similarly, I don't believe that when the stock market goes into terrible gyrations its rules have changed. It's the same stock market with the same mechanisms and the same people.
Benoit Mandelbrot
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
In the ancient cultural places of the world there was a temple, a church or a cathedral in its center. From there came the order of life. In every modern big city there is a bank building in its center. In my »Pied Piper« I have tried to depict this as a kind of demon cult, where money is something to be prayed to like something sacred. It's even being expressed there in words that it is »God«. It performs miracles, because the multiplication of money itself is yet a miracle. After all, the dealings there are with a miraculous multiplication of money. It has the character of everlastingness. But if there is anything that is just a purely man-made thing, then it's money.
Michael Ende
Buffett, Warren
Buffon, Gianluigi
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