Quotes About Finance

the richer we become, the harder it gets to live within our means. Abundance is harder for us to handle than scarcity.

Now, when you read material by finance professors, finance gurus, or your local bank making investment recommendations based on the long-term returns of the market, beware. Even if their forecasts were true (they aren't), no individual can get the same returns as the market unless he has infinite pockets and no uncle points.

volatility benefits managers since they only get one side of the payoffs.

Retirees get less upside than downside.

the easier it was to make money.

There is a category of people, generally finance academics, who, instead of fitting their actions to their brains, fit their brains to their actions. These people go back and unwittingly cheat with the statistics to justify their actions. In my business, they fool themselves with statistical arguments to justify their option selling.

In the decentralized hedge fund space, on the other hand, owner-operators have at least half of their net worth in the funds, making them relatively more exposed than any of their customers, and

So, Nero switched careers to what is called proprietary trading.

There is one world in which I believe the habit of mistaking luck for skill is most prevalent—and most conspicuous—and that is the world of markets. By

setting wealth back by several decades

to make money you must first survive

In finance, for instance, people use flimsy theories to manage their risks and put wild ideas under "rational" scrutiny.

Yet Catchings would in just ten years very nearly destroy the firm, proving once again that articulate optimists encouraged by early successes and armed with financial leverage can become hugely destructive.

Greece, whose prior government had hired Goldman Sachs to help it massage its national accounts and conceal its budget deficits from the European Union, could no longer pay its $300 billion in government debt.

In the mean time, innumerable joint-stock companies started up everywhere. They soon received the name of Bubbles, the most appropriate that imagination could devise.

Some in clandestine companies combine; Erect new stocks to trade beyond the line; With air and empty names beguile the town, And raise new credits first, then cry 'em down; Divide the empty nothing into shares, And set the crowd together by the ears. – Defoe

A historian who works for a bank: That's not the most likely background for someone who capers around the cosmos having adventures, is it?

But I had fallen among pirates and life insurance underwriters.

Only debt is forever.

As the old saying had it, if you owe the bank ten thousand pounds, you have a problem; if you owe the bank ten million pounds, the bank has a problem; and if you owe the bank ten billion pounds, the Chancellor had a problem.

A Random Walk Down Wall Street.

The typical real estate purchase was far more leveraged than the stocks purchased on margin in the run up to the 1929 crash. Putting 5 percent down on a house means the other 95 percent is borrowed.

By the time I've spent $1 million on tickets, I'm going to end up with something strikingly close to $560,000.

The law of large numbers explains why casinos always make money in the long run.