“Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones.
It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.”
On the 1997 Asian Financial Crisis
The Crisis of Global Capitalism (1998)
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George Soros99
Hungarian-American business magnate, investor, and philanth… 1930Related quotes
“Financial markets need to become less, not more, efficient.”
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Paul Ormerod book The Death of Economics
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“Human thought is like a monstrous pendulum: it keeps swinging from one extreme to the other.”
Eugene Field (1850–1895) American writer
The Writings in Prose and Verse of Eugene Field: The love affairs of a Bibliomaniac (1896), Ch. IV : The Mania of Collecting Seizes Me, p. 44
Context: Human thought is like a monstrous pendulum: it keeps swinging from one extreme to the other. Within the compass of five generations we find the Puritan first an uncompromising believer in demonology and magic, and then a scoffer at everything involving the play of fancy.
George Soros (1930) Hungarian-American business magnate, investor, and philanthropist
The Alchemy of Finance: Reading the Mind of the Market (1987)
Context: Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life — market prices have a notorious habit of fluctuating.
William J. Bernstein (1948) economist
Source: The Four Pillars of Investing (2002), Chapter 3, The Market Is Smarter Than You Are, p. 76.
Pierre-Paul Grassé (1895–1985) French zoologist
Pierre Paul Grassé¨(1973). L'évolution du vivant: matériaux pour une nouvelle théorie transformiste. A. Michel,. p. 151
Evolution of living organisms: evidence for a new theory of transformation (1977)
Original: En somme, les mutations des Bactéries et des virus ne sont que des fluctuations héréditaires, autour d'une position moyenne, oscillation à droite, oscillation à gauche: effet évolutif final nul.