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 GREENSPANTo succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education – literacy, both verbal and numerical, and communication skills.
More Alan Greenspan Quotes
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Rules cannot take the place of character.
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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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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.
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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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Without calling the overall national issue a bubble, it’s pretty clear that it’s an unsustainable underlying pattern.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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Regulation – which is based on force and fear – undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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I’m not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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Amateurs want to be right. Professionals want to make money.
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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.
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It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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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