“Mere chance ... alone would never account for so habitual and large an amount of difference as that between varieties of the same species.” DifferencesChanceAmountAccountsMereSpeciesVarietyHabitualOrigin Of Species Book:Evolutionary Writings: including the Autobiographies Source: Evolutionary Writings: including the Autobiographies
“The four most dangerous words in finance are 'this time is different.' Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Rogoff of Harvard, no one can doubt this again. . . . The authors have put an immense amount of work into collecting the data financial institutions needed if they were to have any chance of making quantitative risk management work.” IfsDifferentChanceDoubtFourRiskDangerousAmountNeededManagementInstitutionsUniversityFinancialFinanceThanksDataImmenseMasterpieceCollectingHarvardRisk ManagementFinancial InstitutionsKennethMaryland Author:Martin Wolf
“A man who cannot win fame in big own age will have a very small chance of winning it from posterity. True, there are some half-dozen exceptions to this truth among millions of myriads that attest it; but what man of common sense would invest any large amount of hope in so unpromising a lottery?” MenBigsAgeWinningChanceCommonHalfMillionsAmountFameCommon SenseExceptionDozenPosterityLottery Author:Edward Bulwer-Lytton, 1st Baron Lytton
“People would be a lot more skeptical if they understood that there is an incredible amount of chance in the results that you observe for active managers. So the distribution of outcomes is enormously wide - but that's exactly what you'd expect by chance with lots of active managers who hold imperfectly diversified portfolios. The really good portfolios contain a lot of really lucky picks, and the really bad portfolios contain a lot of really unlucky picks as well as some really bad ones.” PeopleIfsWellsWould BeChanceResultsAmountLuckyPicksUnderstoodIncrediblesInvestingActiveWideManagersOutcomesDistributionSkepticalUnluckyPortfolios Author:Eugene Fama