A Quote by Daniel Kahneman
Question: So investors shouldn't delude themselves about beating the market? Answer: "They're just not going to do it. It's just not going to happen."
Related Quotes
Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't.
The mistakes we make as investors is when the market's going up, we think it's going to go up forever. When the market goes down, we think it's going to go down forever. Neither of those things actually happen. Doesn't do anything forever. It's by the moment.
When you talk about being exceptional, you do two things: You clearly answer the question 'Who are you?' which is your purpose. And you answer the second question, 'Where are you going?' which is your aspiration and how you're going to get there.
Most investors are obsessed with the market size today and they don't think about how the market is going to evolve.
If you ask me a question... I'm not a liar so I'm not going to try and get out of the question. I just answer it.
The issue is not answering questions, but leaving discussions open. Not in the sense that probably one day you are going to have an answer or you are not going to have an answer. Just live your life, do what you have to do, what you are enthusiastic about doing.
Every founder has to delude themselves into thinking, "Yes, it's going to be big. It's going to take over the world."
I am sure there's going to be times when I do things wrong that no one's going to like and everyone's going to think I'm terrible and rubbish but I know I'm going to go through those times, and it's just about understanding that that's going to happen.
We were impelled to remain loyal for a while to the memory of Penny. It was a form of the old fashioned custom of going into mourning. It is not a question of going around with a long face. It is just a question of having a pause between the old and the new. No haste to find a substitute for the one who has given you love for years. Wait, and let fate provide the answer.
Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn; the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?
If you know anything about Islamic civilization, or about the contemporary Middle East, about the sociology and the anthropology of the people who live there, and their recent history, and their religion, and their motivation and everything, then you realize that changing Iraq into a democracy is not going to happen. It's just not going to happen.
I remember going to the theatre when I was little and the lights going down and just getting really scared about what was going to happen up there.
I've always been on the outside of all that political stuff so I just sort of watch it and I'm appalled and I think people should be screaming about a lot of things right now and they're not. They're just letting everything happen. I don't know. At some point the wheels are going to come off and we're going to have a real problem. The people are going to get angry and it's going to be too late.
When I left Africa in 1966 it seemed to me to be a place that was developing, going in a particular direction, and I don't think that is the case now. And it's a place where people still kid themselves - you know, in a few years this will happen or that will happen. Well, it's not going to happen. It's never going to happen.
The first question we usually ask new parents is : “Is it a boy or a girl ?”. There is a great answer to that one going around : “We don’t know ; it hasn’t told us yet.” Personally, I think no question containing “either/or” deserves a serious answer, and that includes the question of gender.
I think about the structure, sure. I think about what's going to happen, and how it's going to happen, and the pace. But I think if I stop to think about it in an abstract sense, I feel very daunted. I just try to enter into the story and feel my way through it. It's a very murky, intuitive way of going about it.
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