I look upon logical proofs the way a well-bred girl looks upon a love letter
A comprehensive list of factors brings predictive stability and predictive stability and predictive power.
The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.
In going directly to Investment Heaven, you build your portfolio as you would build a wonderful company through a merger and acquisition program. You specify the way you want your portfolio to look, and then you assemble the profile piece by piece by bringing together companies that make their own individual contributions to the desired character.
In real-world Finance, they don't pay for elegance. They pay for power - predictive power.
Although efficient markets people still go around saying there is a "mountain" of evidence supporting their hypothesis, the truth of the matter is that it's a very old mountain that's now eroding rapidly into the sea.
Behaviorists tell us that we tend to overweight and overreact to the most recently received information. If we do, we will find that the information that we thought was so important becomes tempered, and reduced in significance, by new and related information that follows.
I'm particularly interested in how you can't rely on your own perception.
Rural towns aren't always idyllic. It's easy to feel trapped and be aware of social hypocrisy.
If you want to pray better, you have to pray more.
If I have my way, I'm going to dissolve the Forest Service. They're in the business of harvesting trees and they're not harvesting trees, so why have them anymore ?