Saved by Matthew Giampetroni
Attention Required! | Cloudflare
Third, we should be very cautious in our attitudes about specific policies. Even if we succeed in taking true aim at what we think are the best courses of action, the chance that we are right on the specifics—even if the chance is as high as possible—is still not very high. It’s like trying to guess at the origin of the universe. The best you can d
... See moreTyler Cowen • Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals
And so instead of recognising radical uncertainty, and adopting policies and strategies that will be robust to many alternative futures, banks and businesses are run with reliance on models which claim knowledge of the future that we do not have and never could have.
Mervyn King • Radical Uncertainty
If only it were that easy. The problem is that in the real world, and especially in economics, there are second- and third-order consequences that must be considered. If there weren’t, economics would be dependable like the physical sciences, as in “if you do A, then B happens.” As theoretical physicist Richard Feynman said, “imagine how much harde... See more
Howard Marks • Nobody Knows (Yet Again)
individual securities. Aside from forecasting
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
