Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
ALAN GREENSPANIt is decidedly not true that “nice guys finish last,” as that highly original American baseball philosopher, Leo Durocher, was alleged to have said.
More Alan Greenspan Quotes
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The free lunch has still to be invented.
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I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
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Significantly opening up immigration to skilled workers solves two problems.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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I don’t think it’s possible for the Fed to end its easy-money policies in a trouble-free manner.
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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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There is no evidence that the business cycle has been repealed.
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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
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Excessive optimism sows the seeds of its own reversal.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
ALAN GREENSPAN