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 GREENSPANBut how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
More Alan Greenspan Quotes
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Amateurs want to be right. Professionals want to make money.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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Revolutions are something you see only in retrospect.
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Before I met Ayn Rand, I was a logical positivist, and accordingly,
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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It’s a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices.
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It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
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There is no evidence that the business cycle has been repealed.
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I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses…
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A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.
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Regulators have not been able to achieve the level of future clarity required to act pre-emptively.
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Excessive optimism sows the seeds of its own reversal.
ALAN GREENSPAN