A Quote by George Soros
The generally accepted theory is that financial markets tend towards equilibrium, and...discount the future correctly. I operate using a different theory, according to which financial markets cannot possibly discount the future correctly because the do not merely discount the future; they help to shape it.
Related Quotes
The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.
I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.
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.
I don't discount belief. I just discount most of the things that people believe in.
You cannot help being a female, and I should be something of a fool were I to discount your talents merely because of their housing.
I had always been interested in markets - specifically, the theory that in financial markets, goods will trade at a fair value only when everyone has access to the same information.
Have a well-thought financial plan that is not dependent upon correctly guessing what will happen in the future.
Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
I worked at a Sport Chek in Vancouver, only so I could get the discount off snowboard gear. But I hated the job so much, I quit before I got my discount.
The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.
Disruption is in my genes. My father owned one of the first discount toy stores, Duane's Toyland, in Albany and Schenectady, near where I grew up. Discount was always a huge disruptor - it disrupted Sears Roebuck.
It is not enough for [the investor] to know all the factors that can possibly contribute to the determination of a future event. In order to anticipate correctly they must also anticipate correctly the quantity as it were of each factor's contribution and the instant at which its contribution will become effective.
Ultimately savings have to go somewhere and I think they will find their home in financial markets and within financial markets, a large part in equity.
Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones. It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.
In rising financial markets, the world is forever new. The bull or optimist has no eyes for past or present, but only for the future, where streams of revenue play in his imagination.
There are philosophical issues involved in that about choosing the right discount rate, the value, the future, and things like that which drive it. But its start with the premise that global warming is real and if you're a denier of that fact, then you're not going to find climate change mitigation policies to have particular appeal.
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