“Whenever I hear someone in finance say that a one in two-billion-year event just happened, I say that you just demonstrated you have a model for measuring tail risk that isn’t any good,” said former Treasury Secretary and Harvard University President Larry Summers.
“We can lead, but we cannot carry,” said Mike Ryan, chief investment strategist at UBS, about America’s role in the global economy.
“It’s really dangerous to look for rationality in the market, so much of it is psychology…. Stocks will rotate from flawless to hopeless,” said Howard Marks of Oaktree Capital Management.
“This turning 80 thing is not all it’s cracked up to be,” said Rolling Stones legend Mick Jagger.
“Man will not fly for a thousand years,” said Wilber Wright in 1901, right after he crashed on a test flight. He became the first man to fly two years later. In 1909, he flew his Wright Flyer around Manhattan, watched by an amazed crowd of one million. Toda,y his image adorns every US pilot […]
“Everything is expensive now. Worries about the future can cause safe assets to become highly priced … I call it the ‘Titanic Effect.’ When the Titanic was going down, people would pay a fortune for anything that floats. We may be in a Titanic situation now,” said my buddy, Nobel Prize winner Robert Shiller.
“You cannot trust bankers to control themselves. They’re like heroin addicts,” said Berkshire Hathaway Vice Chairman, Charlie Munger.
“I looked all over the basement when I was at the White House, and there is no big lever you can throw to make things good again,” said Austin Goolsby, former chairman of the Council of Economic Advisors.
“Life can be understood backwards, but it must be lived forwards,” said Oracle of Omaha Warren Buffet.
“Coincidence is God’s way of remaining anonymous,” said Albert Einsten.
