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Theory Quotes

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Theory Quotes

“See where Congress passed a two billion dollar bill to relieve bankers' mistakes. You can always count on us helping those who have lost part of their fortune, but our whole history records nary a case where the loan was for the man who had absolutely nothing. Our theory is to help only those who can get along, even if they don't get a loan.”

“[T]ruly grand and powerful theories [...] do not and cannot rest upon single observations. Evolution is an inference from thousands of independent sources, the only conceptual structure that can make unified sense of all this disparate information. The failure of a particular claim usually records a local error, not the bankruptcy of a central theory. [...] If I mistakenly identify your father's brother as your own dad, you don't become genealogically rootless and created de novo. You still have a father; we just haven't located him properly.”

“Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks.”

“The fact that these scientific theories have a fine track record of successful prediction and explanation speaks for itself. (Which is not to say that I don't directly discuss the work of those philosophers who would disagree.) But even if we grant this, many will argue that scientific knowledge in humans, and, indeed, reflective knowledge in general, is quite different in kind from the knowledge we see in other animals.”

“In theory, when you're working with a record label, you're just borrowing their money. And that's basically how the record industry works, right? It's like, you borrow $100,000 from a record label, so you don't make any money until you make back that money for them. In theory, they have you held hostage, so you've got to do every little stupid thing that they want you to do.”