No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
ALAN GREENSPANNo matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
More Alan Greenspan Quotes
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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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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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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Any informed borrower is simply less vulnerable to fraud and abuse.
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And the percentage changes in wage rates would be the same for all job grades.
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But 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?
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The Iraq War is largely about oil.
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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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Productivity is notoriously difficult to predict.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
ALAN GREENSPAN