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Markets Quote of the day
It is easy to be conspicuously 'compassionate' if others are being forced to pay the cost.
[A] great embarrassing fact… haunts all attempts to represent the market as the highest form of human freedom: that historically, impersonal, commercial markets originate in theft.
As an anonymous participant in financial markets, I never had to weigh the social consequences of my actions ... I felt justified in ignoring them on the grounds that I was playing by the rules.
The Federal Reserve has a responsibility to ensure the safety and soundness of financial institutions and to contain systemic risks in financial markets.
Free-market capitalism is a network of free and voluntary exchanges in which producers work, produce, and exchange their products for the products of others through prices voluntarily arrived at.
Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond.
In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
I used to collect frames. I've been collecting accessories since I was 11-years-old, creeping around flea markets and sales and everything. Whenever I saw unusual eyeglass frames, I bought them.
Taking this view, it is possible to see financial markets as a laboratory for testing hypotheses, albeit not strictly scientific ones. The truth is, successful investing is a kind of alchemy.
One could imagine such technology outsmarting financial markets, out-inventing human researchers, out-manipulating human leaders, and developing weapons we cannot even understand.
In most bull markets there comes a time when the public controls fluctuations and the efforts of the largest operators are insufficient to check the rising tide.
It's a familiar truism that at any one moment, financial markets are dominated by either fear or greed. But the healthiest markets are those that are animated by both fear and greed at the same time.
I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.
Sometimes it is my impression that most politicians are still not aware of being under the control of the financial markets and are even governed by them.
Financial markets ... resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.