Andrew Lo Famous Quotes
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Maybe we should teach schoolchildren probability theory and investment risk management.
The risks facing hedge funds are non-linear and more complex than those facing traditional asset classessuch risks are currently not widely appreciated or well-understood
My mother died of lung cancer last year. I felt helpless. As an economist, I thought, 'What can I do?'
During periods of extreme fear or greed, you don't have the proper balance between those two to generate market efficiency and you get extremes in behavior.
Financial crises are an unfortunate but necessary consequence of modern capitalism.
Ideas percolate. Through natural selection, the best ones survive.
What makes this story so remarkable is that throughout my early childhood I had ongoing learning difficulties, particularly in mathematics. I struggled to learn the multiplication table, and no matter how hard I tried, I simply couldn't remember 6 times 7 or 7 times 8.
It's important to understand how people perceive risk, and how that translates into investment behavior.
If you rank the top 50 one-day moves in the S&P 500, a fair number of those happened within the last five or 10 years. That tells you that we're in a different, riskier market now.
If troubled companies want to explain away 2008 as a 'black swan,' then someone should take responsibility for creating the oil slick that seems to have tarred the entire flock!
I don't entirely reject the idea of efficient markets. It needs updating.
Great investors need to have the right combination of intuition, business sense and investment talent.
Some people might say, 'Can we afford it?' I think that's asking the wrong question ... We should instead be asking, 'Can we really afford not to try?'
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.