A Quote by Larry Hite
I have noticed that everyone who has ever tried to tell me that markets are efficient is poor.
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I've tried to be a better person... I've tried, and tried and tried! You know how hard I've tried! Tell me how I've tried..." "Nice try... Five cents, please!
I've tried writing on a computer thinking it would make me more efficient, but if you're writing crummy stuff, being efficient is no help.
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.
They say they have noticed me drawing. I almost tell them right then and there. They noticed.
Have you ever tried?" "No." Then don't tell me I can't.
Capitalism has taught us that markets are always more efficient than hierarchical managerial coordination. But in a situation where those three conditions aren't met, I can't outsource or partner with you because markets don't function in the absence of sufficient information.
We cheated, you and me, and someone noticed. I noticed you; someone else noticed me. It hurts us. That's not so bad. So many people cheat. Everywhere on every level. Everyone's cheated. I'm just saying that you don't need to see yourself as a cheater. Because that's not who you are. You're someone who cheated. There's a difference, and you should try to get that difference, or that's who you'll grow up to be.
In certain circumstances, financial markets can affect the so-called fundamentals which they are supposed to reflect. When that happens, markets enter into a state of dynamic disequilibrium and behave quite differently from what would be considered normal by the theory of efficient markets. Such boom/bust sequences do not arise very often, but when they do, they can be very disruptive, exactly because they affect the fundamentals of the economy.
You ever noticed how people who believe in Creationism look really un-evolved? You ever noticed that? Eyes real close together, eyebrow ridges, big furry hands and feet. "I believe God created me in one day". Yeah, looks like He rushed it
It's very hard to persuade a young person who has seen the Great Recession, who has seen all the problems with inequality, to tell them inequality is not important and that markets are always efficient. They'd think you're crazy.
You tell them what a happy ending consists of, which is always individual success. You tell them that nothing irrational exists in this world, which is a lie. You tell them that conflict only exists only to be neatly resolved, and that everyone who is poor wants to be rich, and everyone who is ill wants to get better, and everyone who gets involved in crime comes to a bad end, and that love should be pure. You tell them that despite all this they are special, that the world revolves around them.
We tried to provide more for the poor and produced more poor instead. We tried to remove the barriers to escape poverty, and inadvertently built a trap.
Do not tell me of my obligation to put all poor men in good situations. Are they my poor? I tell thee, thou foolish philanthropist, that I grudge the dollar, the dime, the cent, I give to such men as do not belong to me and to whom I do not belong
Markets do not run better when manufacturing shifts to China largely because of the actions of its government. Nor do they become more efficient when Chinese companies are given special privileges in global markets, while American companies must struggle to compete with unfairly traded goods.
In a system of free trade and free markets poor countries - and poor people - are not poor because others are rich. Indeed, if others became less rich the poor would in all probability become still poorer.
The markets are efficient over time.
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