A Quote by Rick Santelli
The markets represent the aggregate interaction of many investors. Their attitudes, philosophies, and behavioral patterns on many levels are predictable... and repetitive.
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Many investors seem to have forgotten a hard reality: There are frequent periods when stock markets don't do much.
While the apostles of the new so-called "behavioral" theory present ample evidence of how often human beings make irrational financial decisions, it remains to be seen whether these decisions lead to predictable errors that create systematic mispricings upon which rational investors can readily and economically capitalize.
I've got many, many demons that affect me on many, many levels.
Narcissism is the result of longstanding behavioral patterns that reflect fixed brain functioning. It requires a lot of motivation to change these patterns.
It is possible to make buildings by stringing together patterns, in a rather loose way. A building made like this, is an assembly of patterns. It is not dense. It is not profound. But it is also possible to put patterns together in such a way that many patterns overlap in the same physical space: the building is very dense; it has many meanings captured in a small space; and through this density, it becomes profound.
Many investors prefer comfort, chasing what is popular and loved, rather than pursuing what is out of favor. The markets do not reward comfort.
It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity.
More and more investors may be coming into markets everywhere but that doesn't mean that the markets are really getting more and more efficient, even in the United States. It does mean that there is more access for savvy investors who watch the money flows.
In many places it is literally not safe physically for youngsters to go to school. And in many schools, and its becoming almost generally true, it is spiritually unsafe to attend public schools. Look back over the history of education to the turn of the century and the beginning of the educational philosophies, pragmatism and humanism were the early ones, and they branched out into a number of other philosophies which have led us now into a circumstance where our schools are producing the problems that we face.
I don't have a philosophy. If I had a philosophy, it's that I'm kind of literal minded. For example, I would never translate poetry - it's too hard, there are too many levels. Not that prose doesn't have many levels, but it's more grounded.
Investors have no reason to feel bearish. True value investors are glad the markets are down.
The teaching process is lengthy because there are many, many states of mind to go through. And in each state of mind there is a different aggregate of self to be explored.
Most of my ideas come from drawing patterns across conversations I have with different types of people - technology investors, young fashion design students, a CEO. This variety is stimulating and offers many different perspectives on the things I am thinking about.
There are only patterns. Patterns on top of patterns, patterns that affect other patterns, patterns hidden by patterns, patterns within patterns.
Since the dawn of civilization, markets have been ubiquitous. Many of us have benefited from their focus and efficiency. Yet two widely held beliefs - that markets are best left unregulated and that markets are inherently benign - are naive and outdated.
I think markets are mechanisms that determine prices that are necessary for mass heterogenous populations, and markets do generate levels of technological innovation and productivity that is crucial. But when unregulated, they often generate levels of vast inequality and ugly isolation that makes it difficult for people to relate and connect with one another.
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