A Quote by Eugene Fama
If you go back to the late '50s, there really was nothing called "academic finance." Well, there was something being taught in business schools as finance, but it really had no strong research underpinnings.
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The problem with the finance sector is not that it has crashed (though that has done enormous damage around the world) but the damage that it did even in its pomp. It is for that reason that we must not go back to business as usual. Most of all it is imperative we reduce the dominance of finance. And that means economically, ideologically, and in terms of political voice.
Finance went from being a small business, effectively, to being a big business. In part, that's the growth of the world's wealth. That's called savings.
To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.
I had to deal with terrorist finance. And we had to, if you like, ensure that the accounts of people who were guilty of terrorist finance or using their accounts for terrorist finance were closed down. So we had to do asset freezing.
If you really think about the fabric of the United States, or the finance of any economy, finance is a true underpinning of what makes the economy great - if it can be done successfully, responsibly, and with a client orientation.
Our view is that consumer finance - what people think of as retail finance - that arena is ripe for disruption. Bitcoin is absolutely a core platform and asset format that we are dependent on to build this business.
I have millions of dollars, and I don't know finance. I've had some bad things happen in my career. I've got to educate myself. I sit down with my finance guy once a month and go over everything, line by line.
If you look on Amazon - if you do a search for personal finance, there are literally 20,000 books written on personal finance, and there's no real reason for it. I mean, personal finance is pretty simple.
It is easier to disrupt consumer finance. It is much harder to disrupt institutional finance, Wall Street. It is very heavily regulated, and because it is institutional finance, you are dealing with incumbents.
Business schools tend to focus on topics that are suitable to blackboards, so they overemphasize organization and finance. Until very recently, they virtually ignored manufacturing. I think of lot of the troubles of the 1970s and 1980s, and now more recently the 2000s can be traced pretty directly to the biases of the business schools.
As much as you need to know your operations, if you don't understand the finance side and how to do the business, you're never going to be successful. So you might be the best operator or visionary, but if you don't understand the finance side... I'm successful because I know the finance side, but I also know operations; it's not an accident.
It is usually people in the money business, finance, and international trade that are really rich.
I have a strong work ethic, yet I'm incredibly lazy as well. The problem with being a writer is that everything you do can be called research. Sitting in the pub is research. Reading the newspaper can be research.
I really love being finance director.
I had always been interested in politics. I had assumed, for a variety of - well, for two reasons, being Jewish and being gay back in the late '50s, early '60s - that I would never be elected or anything, but I would participate as an activist.
Mr. Anwar is a respected colleague and a man of integrity, who in his capacity as finance minister showed strong dedication to enhancing the financial well-being of the Malaysian people.
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