A Quote by Barry Ritholtz
It is important for investors to understand what they do and don't know. Learn to recognize that you cannot possibly know what is going to happen in the future, and any investment plan that is dependent on accurately forecasting where markets will be next year is doomed to failure.
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Too often, investors are the target of fraudulent schemes disguised as investment opportunities. As you know, if the balance is tipped to the point where investors are not confident that there are appropriate protections, investors will lose confidence in our markets, and capital formation will ultimately be made more difficult and expensive.
I think we spend so much of our lives trying to pretend that we know what's going to happen next. In fact we don't. To recognize that we don't know even what will happen this afternoon and yet having the courage to move forward - that's one meaning of faith.
We don't know what's going to happen this summer or who's going to be here next year. We have no control over any of that. So, we're going to play our [22 remaining] games and do the best we can and show up for the New York Knick fans. That's the most important thing.
I'm not a career filmmaker. I just like to do things that I still kind of believe in and because of that you just never know what's going to happen next. It doesn't matter if it's been a good year or a bad year: next year, there's no telling what it will be like.
I never plan. I never know what the next page is going to be..... But that's the fun of writing a novel or a story, because I don't know what's going to happen next.
You read what you have written and, as you always stop when you know what is going to happen next, you go on from there. You write until you come to a place where you still have your juice and know what will happen next and you stop and try to live through until the next day when you hit it again.
Have a well-thought financial plan that is not dependent upon correctly guessing what will happen in the future.
Risk managers and investment bankers and actually, all kinds of investors took on more risk than they expected. So there was a failure of risk management. There was a failure to recognize how much risk there was in some of these securities that people bought.
Why don't we all just go crazy when we know were going to croak? Because the mind's a monkey. You put things in departments and you go ahead. You go on and plan for the future and assume that the future's going to work out okay. Yet we know that sooner or later we're all going to be eating worms, whether it's fifty years or sixty. It might be tomorrow. It might happen today.
For me, I always feel that I'm not sure what's going to happen next year or what's going to happen the year after or what's in the future. So I really kind of just focus on the project at hand and try to do the best that I can. And that, for me, is as much as I can control.
I don't really have a three-year plan or a five-year plan. I don't know what's next, and that's what I find quite exciting. I dig it.
I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose ought to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.
My contract is just for this year, but I have an option for next year. It is not signed at this moment, but I am only concentrating on this year. I don't know exactly what I will do in the future.
Perfectionist is sometimes the wrong word... It means like you're never satisfied, or you're upset by every single failure - any type of failure. And so for me, I don't look at failure as necessarily a bad thing as long as I'm able to learn from it and take something from it, so that next time I'm in that situation I know how to succeed.
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.
You can plan for a hundred years. But you don't know what will happen the next moment.
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