I totally drew a blank (more puns) on this one. A quick check with Google set me straight. Still, you'd think someone with a Nobel prize under his belt might do better.
I could say a lot here. I'll just say a few, hopefully interesting things.
1. I wish people could be held accountable for being stupid and/or greedy, but alas we would all be fined, so we fall back on legally improper behavior.
2. Like the Supreme Court where everyone has graduated from Harvard or Yale Law School, the lack of diversity of backgrounds for Wall Street Investment firms has made for some very strange behavior. (in both the Supreme Court and Wall Street)
3. Speculative investing is gambling. You may be a lousy gambler, but giving your money away to a professional gambler is worse because he thinks he can beat the house.
4. I believe in two contradictory principles in speculative investing, i.e. gambling. a. The efficient-market principle: You see a $10 bill lying on the sidewalk. Don't bother to pick it up because if it were really there, someone else would have already taken it. b. Know more than anyone else about what you are investing (gambling) in.
Number 3 should have been: 3. Speculative investing is gambling. You may be a lousy gambler, but giving your money away to a professional gambler is worse because he thinks he can beat the house, while, in fact, he IS the house. And, as the house, his only motivation is to keep you playing.
3 comments:
I totally drew a blank (more puns) on this one. A quick check with Google set me straight. Still, you'd think someone with a Nobel prize under his belt might do better.
I could say a lot here. I'll just say a few, hopefully interesting things.
1. I wish people could be held accountable for being stupid and/or greedy, but alas we would all be fined, so we fall back on legally improper behavior.
2. Like the Supreme Court where everyone has graduated from Harvard or Yale Law School, the lack of diversity of backgrounds for Wall Street Investment firms has made for some very strange behavior. (in both the Supreme Court and Wall Street)
3. Speculative investing is gambling. You may be a lousy gambler, but giving your money away to a professional gambler is worse because he thinks he can beat the house.
4. I believe in two contradictory principles in speculative investing, i.e. gambling.
a. The efficient-market principle:
You see a $10 bill lying on the sidewalk. Don't bother to pick it up because if it were really there, someone else would have already taken it.
b. Know more than anyone else about what you are investing (gambling) in.
Number 3 should have been:
3. Speculative investing is gambling. You may be a lousy gambler, but giving your money away to a professional gambler is worse because he thinks he can beat the house, while, in fact, he IS the house. And, as the house, his only motivation is to keep you playing.
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