Jon Stewart Quotes

More and more investors may be coming into markets everywhere but that doesn't mean that the markets are really getting more and more efficient, even in the United States. It does mean that there is more access for savvy investors who watch the money flows.

The investor of today does not profit from yesterday's growth.

What turned me on then, and turns me on even today - and when the time comes from me to retire from management I think I'd still be interested in it - is that everything that happens in the world affects the price of securities.

The markets do numbers, not nuance.

Back in the '60s and '70s, data were scarce, and while analysts knew that companies with fat gross margins lagged those with thin gross margins early in bull markets - and overachieved in the later phases - they couldn't do much about it.

It's difficult to make your clients understand that there are certain days that the market will go up or down 2%, and it's basically driven by algorithms talking to algorithms. There's no real rhyme or reason for that. So it's difficult. We just try to preach long-term investing and staying the course.

A second reason why science cannot replace judgement is the behavior of financial markets.

Fundamentals make the market.

Predicting the market is always tough.

You can no longer buy commodities at Merrill Lynch. My guess is many analysts and even executives are too young to know how profitable a hot commodities market can be. They will soon.

The special sphere of finance within economics is the study of allocation and deployment of economic resources, both spatially and across time, in an uncertain environment. To capture the influence and interaction of time and uncertainty effectively requires sophisticated mathematical and computational tools.

The markets were run by mathematicians and their models but they had no business sense.

I pay almost no attention to the charts.

Remember that banks aren't markets. The market is amoral. The market doesn't care who you are. You're a trade to the market. The market will sell you if they think you're riskier.

While everyone would love to have that perfect portfolio of stocks that can be bought and held forever, it usually does not work out that way. Markets, technology, and businesses change too quickly to put portfolios on autopilot.

If I've learned anything as an economic analyst, it is that the stock market and economic winds can shift by the hour.

Like wildebeest and zebra migration across the Serengeti, investment managers and consultants, too, have a habit of running together and, every now and then, changing direction.

The problem with most people who play the market is that they are not flexible.

Once in a blue moon, an entire industry is a good short.

I had done some work on index funds in my senior thesis at Princeton in 1951.

I went into investments out of interest and thought I knew a little. The longer I've been involved, the less I realise I'd known.

There are two ways to approach the market. You can guess which direction prices will go in next, or you can figure out what businesses and their securities are really worth.

The good thing about a dealer's derivatives portfolio is that it is marked to market.

You just have to approach every day and say, 'If you were starting fresh today, what would my portfolio look like?' So that's how we think about it.

As an investor, I'm always scouting for new trends.