Robert Haugen Quotes (13 quotes) | Quotes of famous people

Robert Haugen: 13 quotes 0 likes

Famous Robert Haugen Quotes

“So you see, in the end, it is nearly certain that the power of prediction must triumph over the arrogance of elegance.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 15, The Wrong 20-yard Line, p. 148

“Although efficient markets people still go around saying there is a "mountain" of evidence supporting their hypothesis, the truth of the matter is that it's a very old mountain that's now eroding rapidly into the sea.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 1, Introduction, p. 2

“Behaviorists tell us that we tend to overweight and overreact to the most recently received information. If we do, we will find that the information that we thought was so important becomes tempered, and reduced in significance, by new and related information that follows.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 12, The Forces behind the Technical Payoffs to Price History, p. 121

“If we observe the performance of only those funds that remain active, we will tend to find that the average performance of the surviving funds exceeds that of the market.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 6, Counterattack-The First Wave, p. 63 (See also: Survival bias)

“In going directly to Investment Heaven, you build your portfolio as you would build a wonderful company through a merger and acquisition program. You specify the way you want your portfolio to look, and then you assemble the profile piece by piece by bringing together companies that make their own individual contributions to the desired character.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 14, The Roads to Heaven and Hell, p. 139

“When you buy a lottery ticket, you don't know how tickets have been sold. But sold they have been. And there is an underlying distribution for the game.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 3, Estimating Portfolio Risk and Expected Return with Ad Hoc Factor Models, p. 29

Robert Haugen Quotes

“In real-world Finance, they don't pay for elegance. They pay for power - predictive power.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 13, Counterattack - The Second Wave, p. 129

World

“Less volatile stocks tend to have negative abnormal profits; more volatile stocks tend to have positive abnormal profits.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 11, The Negative Payoff to Risk, p. 113

“The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 15, The Wrong 20-yard Line, p. 142

Failure , Success

“CAPM also makes use of what is called a "definitional identity." This is something that is automatically true, simply because of the way things have been defined.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 2, Estimating Expected Return with the Theories of Modern Finance, p. 16

Way

“The cheapness family is the most powerful of the five.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 10, The Positive Payoffs to Cheapness and Profitability, p. 105

Family

“A comprehensive list of factors brings predictive stability and predictive stability and predictive power.”

Robert Haugen

Source: The Inefficient Stock Market - What Pays Off And Why (1999), Chapter 5, Predicting Future Stock Returns with the Expected-Return Factor Model, p. 56