Efficient Markets Quotes

If I subscribed to the efficient market theory I would still be delivering papers ~ Warren Buffett

Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'? ~ Warren Buffett

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices ~ Warren Buffett

Seven habits that help produce the anything-but-efficient markets that rule the world.
1. Think short term.
2. Be greedy.
3. Believe in the greater fool
4. Run with the herd.
5. Overgeneralize
6. Be trendy
7. Play with other people's money ~ Paul Krugman

I don't entirely reject the idea of efficient markets. It needs updating. ~ Andrew Lo

If we don't like rent control, we ought to oppose it on political and social grounds - and not just by arguing that, thanks to smartphones and social networks, we can create new, more efficient markets for matching short-term renters with tenants. ~ Evgeny Morozov

The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I can think of. For investment purposes, there are very few investors that shouldn't behave as if markets are totally efficient. ~ Eugene Fama

It is the thought that the least efficient way of of finding either happiness or pleasure is to pursue them. Put in terms of happiness, we can see it like this: To be happy you must quite literally "lose yourself". You must lose yourself in some pursuit; you need to forget your own happiness and find other goals and projects, other objects of concern that might include the welfare of some other people, or the cure of the disease, or simply in the variety of everyday activities with their little successes and setbacks. ~ Simon Blackburn

Bear Market Begin Bear Market End Max DD Sept 1929 June 1932 -86.25 July 1933 March 1935 -33.9% March 1937 March 1938 -54.5% Nov 1938 April 1942 -45.8% May 1946 June 1949 -29.6% July 1957 Oct 1957 -20.6% Dec 1961 June 1962 -28% Feb 1966 Oct 1966 -22.2% Oct 1968 May 1970 -34% Jan 1973 Oct 1974 -48.2% Sept 1976 March 1978 -19.4% Nov 1980 Aug 1982 -27.1% Aug 1987 Dec 1987 -40.4% July 1990 Oct 1990 -21.2% Mar 2000 Oct 2002 -49.1% June 2008 Mar 2009 -54% Average Bear Market: -37.3% Buy and Hold since 1942 Compounded Annual Rate of Return: 8.03% Maximum Draw down: 54% Prior to this decade's two severe bear markets, most investors believed that only that the stock market can go up. ~ Andrew Abraham

I've lost tremendous amounts of money in various markets and I think that that's something that makes you better at my job, not worse. ~ Jim Cramer

Once efficiency is universally accepted as a rule, it becomes an inner compulsion and weighs like a sense of sin, simply because no one can ever be efficient enough, just as no one can ever be virtuous enough. And this new sense of sin only contributes further to the enervation of leisure, for the rich as well as the poor. The difficulty of carrying on a leisure-oriented tradition of culture in a work-oriented society is enough in itself to keep the present crisis in our culture unresolved. ~ Clement Greenberg

("A Free Market in Education: The Answer to Prayer, And Other Issues")
No matter where you are on the issue, there is no solution to it within a government school context, only perpetual conflict. The answer involves choice, competition and private alternatives. If you don't like what a business offers, you don't argue endlessly about it; you walk across the street. Why is this principle so complicated for some people? ~ Lawrence W. Reed

Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly. ~ Ben Bernanke

He is so efficient. He seems to be playing smarter, more confidently. I think they have given him more responsibility. He's very, very accurate and doesn't make many mistakes. The statistics show he has three interceptions, but in reality it's only one. The others were deflected passes by receivers who should have caught balls. ~ Pat Haden

More importantly, our software worked. I don't just mean that it didn't bump, or that it performed according to the written specifications, or that it was efficient in producing reports. It really worked ~ Eliyahu M. Goldratt

Food is no longer sacred to us: in becoming too efficient we've changed its nature. ~ Mehmet Oz

If history judges society for how it treats those in need, so markets judge economies by the incentives they provide for private investment, the infrastructure that supports growth, and the burdens placed on job creation. ~ Victor Ponta

Now, the impact on export markets - we export about 10 percent of what we produce, so obviously that will probably have some impact on the market. At this point it's too early to determine how much. ~ Ann Veneman

Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day. ~ Warren Buffett

The markets where we've got real good presence are the older, more mature markets like Australia, and Western Europe - where we've only got 6,000 stores, compared to the US with 13,000. ~ Jim Cantalupo

Talking is great, but sometimes a well-placed uppercut is really more efficient. ~ Lish McBride

A time of ongoing cultural revolution when the adversaries of Christianity have made plain their intent to use the state machinery to promote radical social ideologies hardly seems an opportune moment to discuss how the rights of property might be compromised. Private property is an important bulwark against the ongoing anti-Christian campaign. Although opponents of the free market will doubtless claim that they wish to interfere with the rights of property only to this or that extent, or only to bring about this or that allegedly desirable social outcome, there can be little excuse for such naiveté in our day. No Christian should want to build up an institution that he would be terrified to see in the hands of his ideological opponents. ~ Thomas E. Woods Jr.

Brisk Insights - Market Research Reports

Brisk Insights is a global market research firm. Our insightful analysis is focused on developed and emerging markets. ~ Travis Bryant

You can't be afraid of the problem. Don't be afraid of failure; don't be afraid to make mistakes. Make sure you learn from each step; iterate, and stay as efficient as possible without being paralyzed by a difficult situation. ~ Jon Oringer

USDA is committed to keeping pace with the needs and progress of American agriculture by supporting new markets and movements that will keep farmers profitable and help create middle class jobs across the country. ~ Tom Vilsack

Flea-Market vendors are frozen mid-haggle. Middle-aged women are frozen in the middle of their lives. The gavels of frozen judges are frozen between guilt and innocence. On the ground are the crystals of the frozen first breaths of babies, and those of the last gasps of the dying. ~ Jonathan Safran Foer

When the struggle seems to be drifting definitely towards a world social democracy, there may still be very great delays and disappointments before it becomes an efficient and beneficent world system. Countless people ... will hate the New World Order and will die protesting against it. When we attempt to evaluate its promise, we have to bear in mind the distress of a generation or so of malcontents, many of them quite gallant and graceful-looking people. ~ H.G.Wells

It would distort markets. Besides, if I bought a load of gold when I thought the price was going up, then it would drive up the price at that point. When I came to sell in the future it would depress the price. Thus, I wouldn't make the killing I thought I would, would I?"
"Yeah, but futures contracts."
"Same thing, dear boy."
"Art, then."
"If I bought Constable's Hay Wain direct from the artist it wouldn't have the same cachet as it does today. The absence of that piece from the market might mean that all of his work was devalued."
"Yeah, but you could bring another piece back."
"Ah, then the paint and canvas wouldn't age correctly. For older objets d'art, the carbon dating would show it was younger than it should be. Sorry, Kevin. You're not going to get rich by temporal smuggling or speculation. ~ Mark Speed

Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations and society. ~ Adrian Cadbury

American future lies in the East. The great free markets of the Pacific Rim are the American destiny. ~ Donald Freed

We are single-mindedly focused on partnering with the best innovators pursuing the biggest markets. ~ Marc Andreessen

Lack of ethics is so ingrained in the financial industry that they are not even aware of it any more. It's just business as usual for them. ~ Robert Rolih

All that has been said of the importance of individuality of character, and diversity in opinions and
modes of conduct, involves, as of the same unspeakable importance, diversity of education. A general State education is a mere contrivance for moulding people to be exactly like one another: and as the mould in which it casts them is that which pleases the predominant power in the government, whether this be a monarch, a priesthood, an aristocracy, or the majority of the existing generation; in proportion as it is efficient and successful, it establishes a despotism over the mind, leading by natural tendency to one over the body. An education established and
controlled by the State should only exist, if it exist at all, as one among
many competing experiments, carried on for the purpose of example and stimulus, to keep the others up to a certain standard of excellence. ~ John Stuart Mill

When I look at the chaotic and volatile debate right now, both in Germany and around the world, my impression and concern is that the daily barrage of proposals and political statements is making markets and consumers even more nervous. Still, Brussels is pressing for a joint European approach. ~ Peer Steinbruck

What we call "Higher" behavior is elaborated by our abstract mind to ensure survival by an efficient cohesion of our clan.
What we call "lower" behavior is to ensure survival at the expense of a rival, or to prevent the survival of a rival to be at our expense.
So,
Be they our "higher" and "lower" behavior/selves, our humanity and inhumanity, our "Divine" and "diabolic" trends, or any aspect of our Human Nature,
All are created by our abstract mind to ensure survival in an environment of scarcity.

But of course you can always choose to adopt "revelations" which present human nature as:
A messed up image of a messed up supernatural coexistence between two messed up opposite supernatural entities with a messed up relation.

Ultimately, we all think we choose by what we think we know. ~ Haroutioun Bochnakian

While spirituality provides an efficient and endless fuel for your mind and body, you must burn that fuel with human action towards your goals, dreams, and desires. ~ Steve Maraboli

For the most part, Ranger had a consistent personality.
He wasn't a guy who wasted a lot of unnecessary energy and effort. He moved and he spoke with an efficient ease that was more animal than human. And he didn't telegraph his emotions. Unless Ranger had his tongue in my mouth it was usually impossible to tell what he was thinking. But every now and then, Ranger would step out of the box, and like a little treat that was doled out on special occasions, Ranger would make an entirely outrageous sexual statement.
At least it would be outrageous coming from an ordinary guy ... from Ranger it seemed on the mark. ~ Janet Evanovich

Phaethon asked: "Do you think there is something wrong with the Sophotechs? We are Manorials, father! We let Rhadamanthus control our finances and property, umpire our disputes, teach our children, design our thoughtscapes, and even play matchmaker to find us wives and husbands!"

"Son, the Sophotechs may be sufficient to advise the Parliament on laws and rules. Laws are a matter of logic and common sense. Specially designed human-thinking versions, like Rhadamanthus, can tell us how to fulfill our desires and balance our account books. Those are questions of strategy, of efficient allocation of resources and time. But the Sophotechs, they cannot choose our desires for us. They cannot guide our culture, our values, our tastes. That is a question of the spirit."

"Then what would you have us do? Would you change our laws?"

"Our mores, not our laws. There are many things which are repugnant, deadly to the spirit, and self-destructive, but which law should not forbid. Addiction, self-delusion, self-destruction, slander, perversion, love of ugliness. How can we discourage such things without the use of force? It was in response to this need that the College of Hortators evolved. Peacefully, by means of boycotts, public protests, denouncements, and shunnings, our society can maintain her sanity against the dangers to our spirit, to our humanity, to which such unboundried liberty, and such potent technology, exposes us."

(...) But Phaethon ~ John C. Wright

The good husband finds method as efficient in the packing of fire-wood in a shed, or in the harvesting of fruits in the cellar, as in Peninsular campaigns or the files of the Department of State. ~ Ralph Waldo Emerson

He was also efficient and gave me his four-step formula for success: 1. Get in. 2. Get it done. 3. Get it done right. 4. And get out. ~ Donald J. Trump

I'd go to the farmers' market in Santa Barbara, and I'd put out my guitar case, and I'd test out these little ditty songs that I would write, and I would get a couple of avocados, a bag of pistachios, and, like, fifteen bucks. That was a lot of money for me. ~ Katy Perry

When you argue for free markets, you are arguing against the trend. ~ Milton Friedman

God does not waste an ounce of our pain or a drop of our tears; suffering doesn't come our way for no reason, and He seems efficient at using what we endure to mold character. If we are malleable, He takes our bumps and bruises and shapes them into something beautiful. ~ Frank E. Peretti

There are some things that we value as a public good that the markets can't deliver, like clean air. ~ Eric Maskin

Love has its own eyes, and they are more efficient at the beginning and faulty at the end ~ Bangambiki Habyarimana

It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole. ~ Arthur Levitt

Trade liberalization can be contagious, and the opening of markets regionally can spark progress multilaterally as well. ~ Roberto Azevedo

There's something about China and its rush to capitalism that I find confusing. At the same time, we live in an America where capitalists oppose any government interference with free markets, while in China you have a very controlled, state-planned market where economic growth is better than ours. ~ David Henry Hwang

The generally accepted theory is that financial markets tend towards equilibrium, and ... discount the future correctly. I operate using a different theory, according to which financial markets cannot possibly discount the future correctly because the do not merely discount the future; they help to shape it. ~ George Soros

Companies need connections to their markets to create long-term loyalty. ~ Charlene Li