The fact that a thesis is flawed does not mean that we should not invest in it as long as other people believe in it and there is a large group of people left to be convinced. The point was made by John Maynard Keynes when he compared the stock market to a beauty contest where the winner is not the most beautiful contestant but the one whom the greatest number of people consider beautiful. Where I have something significant to add is in pointing out that it pays to look for the flaws; if we find them, we are ahead of the game because we can limit our losses when the market also discovers what we already know. It is when we are unaware of what could go wrong that we have to worry.
George SorosRelated topics
add beautiful beauty believe contest contestant fact find game group invest john large left limit market mean number people point pointing should significant something stock thesis winner worry wrong keynes lossesRelated quotes
For the truly creative mind in any field is no more than this - a human creature born abnormally, inhumanly sensitive. To him a touch is a blow, a sound is a noise, a misfortune is a tragedy, a joy is an ecstasy, a friend is a lover, a lover is a god, and failure is death. Add to this cruelly delicate organism the overpowering necessity to create - to create - to create - so that without the creating of music or poetry or books or buildings or something of beauty and meaning his very breath is cut off from him. He must create. He must pour out creation. By some strange unknown pressing inward urgency he is not really alive unless he is creating.
Pearl S. Buck
Our situations are arranged by higher agents to allow us to become tired of trying to manipulate the material energy. Due to not being properly appreciative of the beauty of relationship with the Lord, humankind is given a temporary arena in which to act out our desires. This environment is designed to frustrate, disgust, and disappoint us, to make us contemplative and introspective. Ultimately it is meant to drive us away from the temporary world in favor of that which is eternal. This is arranged for us to finally realize that our happiness lies not in dabbling with the material energy but in serving the Lord unconditionally, thus becoming whole again.
Bhakti Tirtha Swami
Let true Christians then, with becoming earnestness, strive in all things to recommend their profession, and to put to silence the vain scoffs of ignorant objectors. Let them boldly assert the cause of Christ in an age when so many, who bear the name of Christians, are ashamed of Him: and let them consider as devolved on Them the important duty of suspending for a while the fall of their country, and, perhaps, of performing a still more extensive service to society at large; not by busy interference in politics, in which it cannot but be confessed there is much uncertainty; but rather by that sure and radical benefit of restoring the influence of Religion, and of raising the standard of morality.
William Wilberforce
We have strong economic relationships with the rest of the UK. With our EU partners. And with large and small nations across the world. And I would contend that the basis of that framework is not Scotland's relationship with the other nations of the UK - strong and enduring though that will be. Rather, the reality is that our fundamental economic role is as a member of the world's largest single market - the European Union. And it is this relationship which does most to shape the rules and the terms of our global commercial ties. Nonetheless it remains for many an article of faith that a positive future for Scotland's economy depends squarely on our continuing membership of the United Kingdom. ... I for one was not convinced!
Alex Salmond
The spread-the-work schemes, in brief, rest on the same sort of illusion that we have been considering. The people who support such schemes think only of the employment they would provide for particular persons or groups; they do not stop to consider what their whole effect would be on everybody.The spread-the-work schemes rest also, as we began by pointing out, on the false assumption that there is just a fixed amount of work to be done. There could be no greater fallacy. There is no limit to the amount of work to be done as long as any human need or wish that work could fill remains unsatisfied. In a modern exchange economy, the most work will be done when prices, costs, and wages are in the best relations to each other.
Henry Hazlitt
