A Quote by Louis Bachelier
There is no useful information contained in historical price movements of securities.
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The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.
The price pattern reminds you that every movement of importance is but a repetition of similar price movements, that just as soon as you can familiarize yourself with the actions of the past, you will be able to anticipate and act correctly and profitably upon forthcoming movements.
I believe it has been said that one copy of The Times contains more useful information than the whole of the historical works of Thucydides.
Auctions create greater price discovery and liquidity, resulting in a very meaningful final auction price. If you were building a securities exchange today, an auction would be a core feature.
In 2007, everything changed with the iPhone. As crippled as that first model now seems, with its lack of apps and glacial cellular connectivity, the iPhone was a practical, useful, self-contained computer a child could understand. It was an information appliance.
By visualizing information, we turn it into a landscape that you can explore with your eyes, a sort of information map. And when you’re lost in information, an information map is kind of useful.
By visualizing information, we turn it into a landscape that you can explore with your eyes: a sort of information map. And when you're lost in information, an information map is kind of useful.
I am not really inclined to think there is any very effective regulation of the derivative securities markets that would be useful. People who go into it essentially ought to know what risks they're taking and I don't see any useful regulation.
We don't understand the equity market well, and so we deploy funds in fixed-income securities, and like any other securities, investment in those securities also need to follow the mark-to-market accounting principle.
Data isn't information. ... Information, unlike data, is useful. While there's a gulf between data and information, there's a wide ocean between information and knowledge. What turns the gears in our brains isn't information, but ideas, inventions, and inspiration. Knowledge-not information-implies understanding. And beyond knowledge lies what we should be seeking: wisdom.
All thoughts are just junk. Essentially, they are coming from the limited experience of past. These thoughts are useful for your survival process. You've picked up some amount of information; you want to survive in the world; this information is useful. If you're looking at life itself, these thoughts are meaningless.
Memorizing information is valuable but only if you're able to make some sense of the information and put it into a useful context. Isn't it much better if we can attach something tangible to that information?
Change depends on people knowing the truth. Change depends on people speaking that truth out loud. That's what movements do. Movements educate people to the truth. They pass along information and ideas that many others do not know, and they cause them to ask questions, to challenge their own long-held beliefs. ... Movements are the way ordinary people get more freedom and justice. Movements are how we keep a check on power and those who abuse it.
You know, entropy is associated thermodynamically, in systems involving heat, with disorder. And in an analogous way, information is associated with disorder, which seems paradoxical. But when you think about it, a bit of information is a surprise. If you already knew what the message contained, there would be no new information in it.
People today are in danger of drowning in information; but, because they have been taught that information is useful, they are more willing to drown than they need be. If they could handle information, they would not have to drown at all.
I once read about a meeting of economists who agreed that if their forecasts were 33 1/3 % correct, that was considered a high mark in their profession. Well, of course, I know you cannot invest in securities successfully with odds like that against you if you place dependence solely upon judgement as to the right securities to own and the right time or price to buy them. Then, too, I read somewhere about the man who described an economist as resembling ‘a professor of anatomy who was still a virgin.’
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