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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.

Related Topics

Abnormal Exposure Haul Long Matter No Return Scheme Skillful Sustain Trade

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Political decisions are never random and will always lose out to innovative alternatives.
ALAN GREENSPAN

Alternative Decision Innovative Lose Political Random
The free lunch has still to be invented.
ALAN GREENSPAN

Free Invent Lunch Still
I’ve always argued that this country has benefited immensely from the fact that we draw people from all over the world.
ALAN GREENSPAN

All Always Argue Benefited Country Draw Fact Immensely Over People World
We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
ALAN GREENSPAN

Bell Call Economy Evolve Financial International Rapid System Whistle
Senator, we are groping for understanding, the knowledge you assume I possess doesn’t exist’.
ALAN GREENSPAN

Assume Grop Knowledge Possess Exist Senator Understand
Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
ALAN GREENSPAN

Caution During Especially Past Price Regard Rise Sharp Two Warranted Year
Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
ALAN GREENSPAN

Confiscation Deficit Scheme Simply Spend
We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past.
ALAN GREENSPAN

Earning Exhibited Inflation Inverse Past Price Ratio Relationship See
I’m a plain soap kind of guy.
ALAN GREENSPAN

Guy Kind Plain Soap
Rules cannot take the place of character.
ALAN GREENSPAN

Character Place Rule
As long as we issue fiat currency, I see no alternative to a legal tender law.
ALAN GREENSPAN

Alternative Currency Issue Law Legal Long Tender
Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the United States.
ALAN GREENSPAN

Central Cloud Country Number Outlook Projection Tendency Uncertain
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
ALAN GREENSPAN

Abandonment Banking Credit Gold Made Possible Standard Statics System Use Welfare
And the percentage changes in wage rates would be the same for all job grades.
ALAN GREENSPAN

All Change Job Percentage Rate Right Same Wage
Significantly opening up immigration to skilled workers solves two problems.
ALAN GREENSPAN

Immigration Open Problem Significant Skill Solve Work
Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
ALAN GREENSPAN

Create Foreigner Job Little Lose Protectionism Retaliate Surely

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