Efficient Markets Quotes

• El riesgo viene de no saber lo que se hace.

  Warren Buffett

  Vida, Negocios, Guerra

  "The Three Essential Warren Buffett Quotes To Live By" por James Berman, www.forbes.com. 20 de abril de 2014.

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• If I subscribed to the efficient market theory I would still be delivering papers

  Warren Buffett

  Paper, Theory, Stills

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• The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I can think of. For investment purposes, there are very few investors that shouldn't behave as if markets are totally efficient.

  Eugene Fama

  Taken, Thinking, Purpose

  "A Father of Modern Finance" by Rebecca Rolfes, www.chicagobooth.edu. 2013.

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• Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

  Warren Buffett

  Thinking, Two, Needs

  Warren Buffett (2009). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.160, John Wiley & Sons

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• Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac's talents didn't extend to investing: He lost a bundle in the South Sea Bubble, explaining later, 'I can calculate the movement of the stars, but not the madness of men.' If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.

  Warren Buffett

  Stars, Business, Loss

  Berkshire Hathaway Inc. Chairman's Letter, www.berkshirehathaway.com. 2005.

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• No estoy bien cualificado para criticar la teoría de las expectativas racionales y la hipótesis del mercado eficiente porque, como participante en el mercado, las consideraba tan poco realistas que nunca me molesté en estudiarlas.

  George Soros

  Expectations, Study, Theory

  George Soros' Remarks at the Festival of Economics, www.georgesoros.com. June 2, 2012.

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• In an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value.

  Eugene Fama

  Intrinsic Value, Efficient, Security

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• No hay otra proposición en economía que tenga pruebas empíricas más sólidas que la Hipótesis del Mercado Eficiente... En la literatura de las finanzas, la contabilidad y la economía de la incertidumbre, la HME se acepta como un hecho.

  Michael Jensen

  Investing, Literature, Facts

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• I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.

  Charlie Munger

  Reality, Names, Ties

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• The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by "rational man" models of human behavior from economics and too little by "foolish man" models from psychology and real-world experience.

  Charlie Munger

  Real, Men, Foolish Man

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• To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.

  Warren Buffett

  Business, School, Thinking

  Richard J. Connors, Warren Buffett (2010). “Warren Buffett on Business: Principles from the Sage of Omaha”, p.152, John Wiley & Sons

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• Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks.

  Charlie Munger

  Creer, Pensar, Ideas

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• The sad truth is that it is precisely those who disagree most with the hypothesis of efficient market pricing of stocks, those who pooh-pooh beta analysis and all that, who are least able to understand the analysis needed to test that hypothesis.

  Paul Samuelson

  Investing, Tests, Able

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• Although efficient markets people still go around saying there is a "mountain" of evidence supporting their hypothesis, the truth of the matter is that it's a very old mountain that's now eroding rapidly into the sea.

  Robert Haugen

  Sea, People, Mountain

  "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, ch. 1, Introduction, p. 2, 1999.

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• Value investing is predicated on the efficient market hypothesis being wrong.

  Seth Klarman

  Investing, Hypothesis, Efficient

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• Siete hábitos que ayudan a producir los mercados nada eficientes que gobiernan el mundo.
  1. Pensar a corto plazo.
  2. Ser codicioso.
  3. Cree en el tonto más grande
  4. Corre con el rebaño.
  5. Generalizar en exceso
  6. Estar a la moda
  7. Jugar con el dinero de los demás

  Paul Krugman

  Correr, Creer, Pensar

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• A lo largo de los años, la economía estadounidense ha demostrado una notable capacidad para absorber perturbaciones de todo tipo, recuperarse y seguir creciendo. Los mercados flexibles y eficientes de trabajo y capital, una tradición empresarial y una disposición general a tolerar e incluso aceptar el cambio tecnológico y económico contribuyen a esta resistencia.

  Ben Bernanke

  Cambio, Tecnología, Años

  "Dejar salir el aire". www.economist.com. 19 de noviembre de 2008.

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• If we don't like rent control, we ought to oppose it on political and social grounds - and not just by arguing that, thanks to smartphones and social networks, we can create new, more efficient markets for matching short-term renters with tenants.

  Evgeny Morozov

  Smartphones, Political, Matching

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• La alegoría de Ben sobre el Sr. Mercado puede parecer anticuada en el mundo de la inversión actual, en el que la mayoría de los profesionales y académicos hablan de mercados eficientes, cobertura dinámica y betas. Su interés por estas cuestiones es comprensible, ya que las técnicas rodeadas de misterio tienen un claro valor para el proveedor de consejos de inversión. Después de todo, ¿qué brujo ha alcanzado fama y fortuna simplemente aconsejando "Tómese dos aspirinas"?

  Warren Buffett

  Médicos, Dos, Consejos

  Carta del Presidente a los accionistas de Berkshire Hathaway Inc., www.berkshirehathaway.com. 1987.

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• In certain circumstances, financial markets can affect the so-called fundamentals which they are supposed to reflect. When that happens, markets enter into a state of dynamic disequilibrium and behave quite differently from what would be considered normal by the theory of efficient markets. Such boom/bust sequences do not arise very often, but when they do, they can be very disruptive, exactly because they affect the fundamentals of the economy.

  George Soros

  Would Be, Fundamentals, Normal

  "Theory of Reflexivity". George Soros' speech at the MIT Department of Economics World Economy Laboratory Conference in Washington, D.C., www.valuewalk.com. April 26, 1994.

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• Cuando puse en marcha eBay, era un hobby, un experimento para ver si la gente podía utilizar Internet para empoderarse mediante el acceso a un mercado eficiente. En realidad no pensaba en ello en términos de impacto social. En realidad se trataba de ayudar a la gente a conectarse en torno a una esfera de interés para poder hacer negocios.

  Pierre Omidyar

  Empresa, Pensamiento, Poder

  "Extra en línea: Pierre Omidyar on "Connecting People"". Entrevista con Robert D. Hof, www.bloomberg.com. 20 de junio de 2005.

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