“Quinn's First Law of Investing is never to buy anything whose price you can't follow in the newspapers. An investment without a public marketplace attracts the fabulists the way picnics attract ants. Stock brokers and financial planners can tell you anything they want, because no one really knows what's true. The First Corollary to Quinn's First Law states that, even when the price is in the newspapers, you shouldn't buy anything too complex to explain to the average 12-year-old.” KnowsWayWantYearsFirstsStatesLawMoneyInvestmentComplexesInvestingFinancialAverageNewspapersAntsMarketplacePicnicsPlannersBrokersQuinnStock Broker Book:Making the Most of Your Money Source: Making the Most of Your Money
“Well, you probably will always believe there should be laws against fraud, and I don't think there is any need for a law against fraud.” ThinkingNeedsShouldBelieveWellsLawInvestingFraudAlways Believe Author:Alan Greenspan
“Economists suffer from a deep psychological disorder that I call 'physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor.” HumansFactsLawSufferingThreeWishSimpleEconomicBehaviorPercentEconomicsInvestingEnvyPhysicsPsychologicalEndeavorCaptureDisorderEconomistLaws Of NatureCapturedPsychological Disorders Author:Andrew Lo
“If we had a truth-in Government act comparable to the truth-in-advertising law, every note issued by the Treasury would be obliged to include a sentence stating: This note will be redeemed with the proceeds from an identical note which will be sold to the public when this one comes due.” IfsGovernmentWould BeLawNotesInvestingSentencesDuesAdvertisingObligedIdenticalTreasuryRedeemed Author:Walter Wriston
“Government means always coercion and compulsion and is by necessity the opposite of liberty. Government is a guarantor of liberty and is compatible with liberty only if its range is adequately restricted to the preservation of economic freedom. Where there is no market economy, the best-intentioned provisions of constitutions and laws remain a dead letter.” IfsMeanGovernmentLawLibertyEconomyEconomicLettersOppositesConstitutionInvestingRangePreservationCompulsionProvisionCoercionCompatibleMarket EconomyEconomic Freedom Book:Economic freedom and interventionism: an anthology of articles and essays Source: Economic freedom and interventionism: an anthology of articles and essays
“In any bureaucratic organization there will be two kinds of people: those who work to further the actual goals of the organization, and those who work for the organization itself. Examples in education would be teachers who work and sacrifice to teach children, vs. union representative who work to protect any teacher including the most incompetent. The Iron Law states that in all cases, the second type of person will always gain control of the organization, and will always write the rules under which the organization functions.” PeopleWritingKindChildrenPersonsTwoStatesWould BeLawGoalTeachCasesTeacherSacrificeExampleTypeProtectGainsOrganizationFunctionUnionsIncludingInvestingIronRepresentativesIncompetent Author:Jerry Pournelle