A Quote by Stephen A. Schwarzman
The concept of fair value accounting is correct and useful, but the application during periods of crisis is problematic. It's another one of those unintended consequences of making a rule that's supposed to be good that turns out the other way.
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Without reflection, we go blindly on our way, creating more unintended consequences, and failing to achieve anything useful.
Each money-printing exercise brings about unintended consequences. These unintended consequences are higher inflation rates than had no money been printed.
The use of large-scale military force in volatile regions of underdeveloped countries is difficult to do right, has major unintended consequences and rarely turns out to be quick, effective, controlled and short lived.
The flow of action continually produces consequences which are unintended by actors, and these unintended consequences also may form unacknowledged conditions of actions in a feedback fashion. Human history is created by intentional activities but is not an intended project; it persistently eludes efforts to bring it under conscious direction.
It is...highly probable that from the very beginning, apart from death, the only ironclad rule of human experience has been the Law of Unintended Consequences.
Beginning a poem, the poet as a rule doesn't know the way it's going to come out, and at times, he is very surprised by the way it turns out, since often it turns out better than he expected; often his thought carries further than he reckoned.
The concept of a midlife crisis is a well known one perpetuated by books and films. And recently the idea of a quarter-life crisis, between 20 and 30, has also gained a fair amount of media coverage. But there's a surprising lack of robust research on these events, and almost none on later life crisis.
You see, life only turns out good or bad for only a little bit. And then it turns out some other way.
One of the unintended negative consequences of online advertising has been the loss of value in traditional classifieds. It's simply quicker, simply easier for an end user who's online, on a broadband connection, to look things up and to figure out what they want to buy.
The uncontrolled and rapacious exploitation of oil has led to unintended consequences, and if we continue on a similar trajectory with water, the oil crisis will seem like the trailer of some horrible disaster movie.
Those with engineering skills will build tomorrow's genius computers. But those with the ability to create knowledge of any kind will be the ones who are best able to extract great value from them. The way to create value in the age of genius machines will be to compile and disseminate knowledge that other people will find useful.
Value investing doesn't always work. The market doesn't always agree with you. Over time, value is roughly the way the market prices stocks, but over the short term, which sometimes can be as long as two or three years, there are periods when it doesn't work. And that is a very good thing. The fact that our value approach doesn't work over periods of time is precisely the reason why it continues to work over the long term.
Intelligence is an extremely subtle concept. It's a kind of understanding that flourishes if it's combined with a good memory, but exists anyway even in the absence of good memory. It's the ability to draw consequences from causes, to make correct inferences, to foresee what might be the result, to work out logical problems, to be reasonable, rational, to have the ability to understand the solution from perhaps insufficient information. You know when a person is intelligent, but you can be easily fooled if you are not yourself intelligent.
We go through periods of turmoil in our nation's history, and one of the remarkable things about the United States is that we seem to keep making our way through those periods.
When the wrong question is being asked, it usually turns out to be because the right question is too difficult. Scientists ask questions they can answer. That is, it is often the case that the operations of a science are not a consequence of the problematic of that science, but that the problematic is induced by the available means.
The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting.
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