A Quote by Richard Arnold Epstein
Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.
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Monetary conditions exert an enormous influence on stock prices. Indeed, the monetary climate - primarily the trend in interest rates and Federal Reserve policy - is the dominant factor in determining the stock market's major direction.
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.
It takes a man a long time to learn all the lessons of all of his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of stock speculation.
The stock market has gone up and if you are stock picking, that's fine, you may do a bit better than the market. But if you want to play in another game where you can get rapid increases of value and so on and so forth, this apparently has become the new parlour game, to invest in these companies and many their cases, the private equity that has been piling in onto of the venture capital is creating the unicorn, in other words the company with the $1 billion valuation.
The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.
Whenever you try to pick market tops and bottoms, you are making a prediction. Guessing what stock is going to outperform the market is forecasting, as is selling a stock for no apparent reason. Indeed, nearly all capital decisions made by most people are unconscious predictions.
Bitcoin represents the first major breakthrough in economics and finance since double-entry bookkeeping was invented in 1494, and activists need to embrace its power.
We invented marriage. Couples invented marriage. We also invented divorce,mind you. And we invented infidelity,too, as well as romantic misery. In fact we invented the whole sloppy mess of love and intimacy and aversion and euphoria and failure. But most importantly of all, most subversively of all, most stubbornly of all, we invented privacy.
Gold was not selected arbitrarily by governments to be the monetary standard. Gold had developed for many centuries on the free market as the best money; as the commodity providing the most stable and desirable monetary medium.
It is understandable that the Fed injects cash to avoid the collapse of the stock market, but basically it is bad policy for monetary authorities to intervene to save speculators from bankruptcy. This is not their role.
I think there are a lot of people out there that are speculating in the stock market. They have all kinds of tech stocks or social media stocks. If you want to gamble in the stock market, I would much rather gamble on a mining stock than a social media stock.
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
When Trump was a candidate, he talked about the stock market, because, oh, the stock market was going up when Obama was president.
Most people forget that Danny Biasone was the Wilbur Wright of basketball. Because he invented the 24-second clock, the game took off. Yet he was a man who never played the game.
The stock market can be down, but the stock market is not an indication of where people's spirits and enthusiam are, and where their intellectual energy is.
If you were to just design the perfect retirement plan, you would own the stock market or you would own the bond market. You would get all the costs or all that you possibly could out of the system. So on an annual basis, if the market went up 8 percent, you would get 7.8 or 7.9 percent.
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