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Events Quotes

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Events Quotes

“It would convert the Treasury of the United States into a manufactory of paper money. It makes the House of Representatives and the Senate, or the caucus of the party which happens to be in the majority, the absolute dictator of the financial and business affairs of this country. This scheme surpasses all the centralism and all the Caesarism that were ever charged upon the Republican party in the wildest days of the war or in the events growing out of the war.”

“Cumulative errors depend largely on the big surprises, the big opportunities. Not only do economic, financial, and political predictors miss them, but they are quite ashamed to say anything outlandish to their clients and yet events, it turns out, are almost always outlandish.”

Bigs Political Turns Opportunity Economic Missing Events Depends Errors Surprise Financial Ashamed Clients Say Anything Cumulative Outlandish Big Surprises

Book:The Black Swan: Second Edition: The Impact of the Highly Improbable Fragility

Source: The Black Swan: Second Edition: The Impact of the Highly Improbable Fragility

“But would the young do any better under the same circumstances? Will they do any better when their turns come? The answer is that youth would not and cannot, given the financial and economic framework within which the elders are operating. While the moral convictions of individuals are important in the long run, it is institutions that determine the immediate course of events - particularly the institutions of finance.”

Source: Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals

“I believe the chance of any event causing Berkshire to experience financial problems is essentially zero. We will always be prepared for the thousand-year flood; in fact, if it occurswe will be selling life jackets to the unprepared.”

Ifs Years Believe Facts Problem I Believe Chance Events Thousand Prepared Financial Selling Zero Flood Thousand Years Be Prepared Jackets Unprepared Financial Problems

Author:Warren Buffett

“Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality.”

Thinking May Reality Events Economics Crisis Complexes Financial Conceit Wishful Thinking Financial Crisis Economic Crisis

Author:Andrew Lo

“If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.”