Quotes on the Dismal Science
Here are some great quotes pertaining to economics and finance I have collected over the years. Some are witty, some cynical and some are just painfully accurate observations.
We’ll be off for a few days (maybe, if we can stay away). Enjoy the long weekend.
“I’m quite sure that if you gathered a group of economists around a lake, and they were there to witness Jesus walking on water, in the next American Economic Review, the article would read “Jesus Can’t Swim”
-economist Barry Asmus explaining that economists tend to take a negative view of everything.
“When you data-mine, you come up with fool’s gold” – MIT researcher Ken French
“There is nothing quite so disturbing to one’s sense of well-being as to see a friend get rich” – Hugh Johnson
“People work so hard for their money that it often comes as a suprise to them that it can also work for them” – Patricia Jennerjohn
“I don’t like to say the words ‘lose money’ to my clients. I prefer ‘achieves negative total return.” – Bill Droms, Georgetown University professor/money manager
“If you look back at the data, you find that the stock market has predicted 12 out of the last 6 recessions” – Payl Boltz, T.Rowe Price economist
“Never mistake a bull market for brains” – Eileen Sharkey
“The rule of staying alive as a forecaster is to give ‘em a number or give ‘em a date, but never give ‘em both at once.” – Jane Bryant Quinn
“Right now, the whole American business sector is checked into the Betty Ford Clinic for balance sheet repair” – Paul McCulley, PIMCO economist, January 2003 [This is painfully prophetic of the current credit crisis -B.]
“Financial markets are in many ways like children; they are highly unpredictable in the short-term, absorb enormous amounts of capital, and often make otherwise well-adjusted adults behave in ways they normally would not.” – The Advisory
“In reality, I haven’t had 20 years’ experience. I’ve had one year’s experience 20 times over.” – Unk Nown
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