Quotes

Question 1

On understanding, Upton Sinclair

Answer 1

It is difficult to get a man to understand something when his salary depends on his not understanding it.

Question 2

The future, William Gibson

Answer 2

The future is here already, its just not evenly distributed

Question 3

Ways to Invest, Bruce Berkowitz

Answer 3

There are two ways to invest: you can predict or you can react

Question 4

Luck, Penn Jillette

Answer 4

Luck is statistics taken personally

Question 5

Successful Investing, Jim Grant

Answer 5

Successful investing is about having people agree with you… later

Question 6

Behavior, Charlie Munger

Answer 6

Show me the incentives and I’ll show you the outcomes

Question 7

History, Yuval Harari

Answer 7

History is something very few people have been doing while everyone else was ploughing fields and carrying water buckets

Question 8

Being right, Warren Buffet

Answer 8

I’d rather be approximately right than precisely wrong

Question 9

Curse of Modernity, Nassim Taleb

Answer 9

The curse of modernity is that we are increasingly populated by a class of people who are better at explaining than understanding

Question 10

Economist Predictions, Unknown

Answer 10

An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today

Question 11

Winning, Vince Lombardi

Answer 11

Winning isn’t everything, but wanting to win is

Question 12

Economist Accuracy, Unknown

Answer 12

Why do Economists proved estimates/data to two decimal points? to show they have a sense of humor…

Question 13

Trading Paul Tudor Jones

Answer 13

Discipline before visionLosers average losers

Question 14

Shakespeare, Caesar, perception

Answer 14

Men may construe things after their fashion Clean from the purpose of the things themselves

Question 15

Truth in arguments, Josh Billings

Answer 15

As a general rule, if you want to get at the truth – hear both sides and believe neither

Question 16

Valuations, Steve Eisman

Answer 16

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

Question 17

Theories and Evidence, me

Answer 17

Don’t look for evidence to validate your narrative, look for the narrative in the evidence

Question 18

Getting Favors from people, Jack VM

Answer 18

Generally, people are more open to helping you if you put some air in their tires first

Question 19

Day to Day Life, Gary Vaynerchuck

Answer 19

If you live for weekends and vacations, your shit is broken

Question 20

Days, Muhammad Ali

Answer 20

Do not count the days

Make the days count

Question 21

Prudence, Joe Norman

Answer 21

It is more prudent to build a boat than to try and stop the flood

Question 22

Knowledge, Mark Twain

Answer 22

It ain’t what you don’t know that get’s you in trouble, it’s what you know that just ain’t so!

Question 23

Benefit of Capitalism, John Kenneth Galbraith

Answer 23

Such is the genius of Capitalism, that where real demand exists it does not go long unfulfilled

Question 24

Micro/Macro, Charlie Munger

Answer 24

Microeconomics is what we do, Macroeconomics is what we put up with

Question 25

The Market, Warren Buffet

Answer 25

In the short term the market is a voting machine, in the long term it’s a weighing machine

Question 26

Economist Predictions, Arnold Kling

Answer 26

Economists take great pride in deriving powerful insights from simple models

Question 27

The problem with Humanity

E. O. Wilson

Answer 27

“The real problem of humanity … we have Palaeolithic emotions; medieval institutions; and godlike technology.”

Question 28

Developed/Emerging Markets

Paul McNamara

Answer 28

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