A Quote by Charlie Munger

The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by "rational man" models of human behavior from economics and too little by "foolish man" models from psychology and real-world experience.

Charlie Munger

Quote Topics

Aggregate Become Behavior Contrary Economics Efficient Experience Foolish Foolish Man Form Gospel Hard High Human Human Behavior Influenced Learned Little Man Many Market Mistaken Models Much Once Possibility Professors Psychology Rational Real Stock Theory Too Too Much Value Were World Your

Quote Author

Charlie Munger
American - Businessman
Born: January 1, 1924

We wish we could have been there for you. We didn't have many role models of our own--we latched on to the foolish love of Oscar Wilde and the well-versed longing of Walt Whitman because nobody else was there to show us an untortured path. We were going to be your role models. We were going to give you art and music and confidence and shelter and a much better world. Those who survived lived to do this. But we haven't been there for you. We've been here. Watching as you become the role models.

David Levithan

In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.

Richard Thaler

The good news is that, at least in economics, I've seen movement away from its overemphasis on mathematical models of purely rational behavior to a more eclectic and commonsense approach: research that is, among other things, more respectful of insights from psychology.

Robert J. Shiller

"Law professors were never like economics professors," a Harvard Law professor told me. "If you disagreed with someone, you didn't call him a fool."

Calvin Trillin

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.

Eugene Fama

It's easy to grin when your ship comes in and you've got the stock market beat. But the man worthwhile is the man who can smile when his shorts are too tight in the seat.

Ted Knight

Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical value is likely to be limited. An additional complication, not encompassed by most stock market models, arises from the manifestation of the market as a nonzero sum game.

Richard Arnold Epstein

The climate-studies people who work with models always tend to overestimate their models. They come to believe models are real and forget they are only models.

Freeman Dyson

It is obvious that the great majority of humans throughout history have had grossly, even ridiculously, unrealistic concepts of the world. Man is, among many other things, the mistaken animal, the foolish animal. Other species doubtless have much more limited ideas about the world, but what ideas they do have are much less likely to be wrong and are never foolish. White cats do not denigrate black, and dogs do not ask Baal, Jehovah, or other Semitic gods to perform miracles for them.

George Gaylord Simpson

Jean Valentine and Jane Cooper were my professors at Sarah Lawrence College - and they were uncompromised in their art. They gave me models of how to live one's life as a poet.

Denise Duhamel

The man who thinks he can do without the world is indeed mistaken; but the man who thinks the world cannot do without him is mistaken even worse.

Francois Truffaut

As one of a handful of religion professors in the U.S. who study, write, and teach about conservative Christianity and politics, I am all too aware of the real meaning of the list and of its purpose. Promoted by Turning Point USA, the list is not simply designed to expose professors who discriminate; it is designed to silence and smear.

Anthea Butler

Direct experience is inherently too limited to form an adequate foundation either for theory or for application. At the best it produces an atmosphere that is of value in drying and hardening the structure of thought. The greater value of indirect experience lies in its greater variety and extent. History is universal experience, the experience not of another, but of many others under manifold conditions.

B. H. Liddell Hart

Models walking down the street are very rarely recognized as such. It is often the same as it was for me: models were the school freaks. Way too thin and their eyes way too far apart. They were not the ideal. But then they put on fantastic clothes, have their make up done and you have this special beauty. It's a creation.

Crystal Renn

For the theory-practice iteration to work, the scientist must be, as it were, mentally ambidextrous; fascinated equally on the one hand by possible meanings, theories, and tentative models to be induced from data and the practical reality of the real world, and on the other with the factual implications deducible from tentative theories, models and hypotheses.

George E. P. Box

By giving professors jobs for life, universities create a feeling of unanswerable power among too many. Tenured professors who are uninterested in serving the student body are less likely to respond favorably to criticism, and are more likely to feel the freedom to intimidate or harass those with opposing viewpoints.

Ben Shapiro

A Quote by Charlie Munger

Quote Topics

Quote Author

Related Quotes

Related Authors