“encuentra una tendencia cuya premisa sea falsa, y apuesta tu dinero contra ella”.
"Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality is distorted by a misconception."
"Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality is distorted by a misconception."
"Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other
"Misconceptions play a prominent role in my view of the world."
"If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring."
money is made by discounting the obvious and betting on the unexpected."
"It is much easier to put existing resources to better use, than to develop resources where they do not exist."
"When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold."
Economics seeks to be a science. Science is supposed to be objective and it is difficult to be scientific when the subject matter, the participant in the economic process, lacks objectivity.
"If I had to sum up my practical skills, I would use one word: survival. And operating a hedge fund utilized my training in survival to the fullest."
"The hardest thing to judge is what level of risk is safe."
"Unfortunately, the more complex the system, the greater the room for error."
market prices are always wrong in the sense that they present a biased view of the future."
GENIUS: Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization....it is possible to see financial markets as a laboratory for testing hypotheses, albeit not strictly scientific ones. The truth is, successful investing is a kind of alchemy.
I often invested without a worthwhile hypothesis and my activities were not very different from a random walk. vaughan ma arunc din prima daca simt ca e yes
It is credit that matters, not money
"The concept of a general equilibrium has no relevance to the real world
the meaning of life consists of the flaws in one's conceptions and what one does about them. Life can be seen as a fertile fallacy
We try to catch new trends early and in later stages we try to catch trend reversals. Therefore, we tend to stabilize rather than destabilize the market. We are not doing this as a public service. It is our style of making money."
