Quotes Flashcards
On understanding, Upton Sinclair
It is difficult to get a man to understand something when his salary depends on his not understanding it.
The future, William Gibson
The future is here already, its just not evenly distributed
Ways to Invest, Bruce Berkowitz
There are two ways to invest: you can predict or you can react
Luck, Penn Jillette
Luck is statistics taken personally
Successful Investing, Jim Grant
Successful investing is about having people agree with you… later
Behavior, Charlie Munger
Show me the incentives and I’ll show you the outcomes
History, Yuval Harari
History is something very few people have been doing while everyone else was ploughing fields and carrying water buckets
Being right, Warren Buffet
I’d rather be approximately right than precisely wrong
Curse of Modernity, Nassim Taleb
The curse of modernity is that we are increasingly populated by a class of people who are better at explaining than understanding
Economist Predictions, Unknown
An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today
Winning, Vince Lombardi
Winning isn’t everything, but wanting to win is
Economist Accuracy, Unknown
Why do Economists proved estimates/data to two decimal points? to show they have a sense of humor…
Trading Paul Tudor Jones
Discipline before visionLosers average losers
Shakespeare, Caesar, perception
Men may construe things after their fashion Clean from the purpose of the things themselves
Truth in arguments, Josh Billings
As a general rule, if you want to get at the truth – hear both sides and believe neither
Valuations, Steve Eisman
The internet bubble didn’t break because the stocks got too expensive. The internet bubble broke because we went into a recession. It’s more important to call the cycle than to call the multiple
Theories and Evidence, me
Don’t look for evidence to validate your narrative, look for the narrative in the evidence
Getting Favors from people, Jack VM
Generally, people are more open to helping you if you put some air in their tires first
Day to Day Life, Gary Vaynerchuck
If you live for weekends and vacations, your shit is broken
Days, Muhammad Ali
Do not count the days
Make the days count
Prudence, Joe Norman
It is more prudent to build a boat than to try and stop the flood
Knowledge, Mark Twain
It ain’t what you don’t know that get’s you in trouble, it’s what you know that just ain’t so!
Benefit of Capitalism, John Kenneth Galbraith
Such is the genius of Capitalism, that where real demand exists it does not go long unfulfilled
Micro/Macro, Charlie Munger
Microeconomics is what we do, Macroeconomics is what we put up with
The Market, Warren Buffet
In the short term the market is a voting machine, in the long term it’s a weighing machine
Economist Predictions, Arnold Kling
Economists take great pride in deriving powerful insights from simple models
The problem with Humanity
E. O. Wilson
“The real problem of humanity … we have Palaeolithic emotions; medieval institutions; and godlike technology.”
Developed/Emerging Markets
Paul McNamara
a developed country is one where interest rates go down when the country gets into trouble and an emerging market is one where they go up when it gets into trouble
