Bill Gurley Quotes

Speculation is only a word covering the making of money out of the manipulation of prices, instead of supplying goods and services.

Successful investing is anticipating the anticipations of others.

The one thing about markets is that they do not give any advance notice. If they did, they would be arbitraged away.

There are a lot of parallels between being a mutual fund manager and being a general manager. Both in the financial markets and in baseball, we're dealing with a world where uncertainty reigns. We're trying to predict the future performance of human beings. It's a fundamental difficulty for which we both have to account.

To make money in the markets, you have to think independently and be humble.

The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict the future of everything, you attempt too much.

Using a forecasting company is like going to a fortune-teller. If you believe the company and the color does not sell, who do you blame? The forecasters? No, you blame yourself.

The financial markets generally are unpredictable. So that one has to have different scenarios... The idea that you can actually predict what's going to happen contradicts my way of looking at the market.

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

If you have read me for any length of time, you know I am less than enthralled with much of what passes for financial news.

I used to trade stocks online, and I kind of felt gross, like, all I'm doing is making money off other people's creativity, and I'm not creating anything myself.

The techniques I developed for studying turbulence, like weather, also apply to the stock market.

One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world.

Predicting the market is always tough.

Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That's how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them.

Markets are frequently ahead of, and often out of sync with, the economy.

I always tell my traders that they would've loved the 1990s because it was a fairly easy time to make money.

We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices

I don’t know why the Stock Market does what it does.

I'm a futures man.

Gambling is entertainment... Financial markets, what one often refers to as speculation, is really the force by which we move capital to the best and highest use.

Entire populations of market strategists, fund managers, and economists are employed to try and intuit for clients which securities to bet on for the best possible return each year - or quarter.

In banking, it was my responsibility to deliver investment opportunities and solutions to hedge fund clients, and at Bloomberg, it's my job to break down news that matters to our viewers and readers.

Floyd has done a lot for me financially and has taught me a lot about business. He did great in making money during his career and he tells me a lot of what he's working on.

It is absurd to think that the general public can ever make money out of market forecasts.