Friday, August 9, 2013

Money Wisdom #147

".... we all try to create narratives about the past and future to some extent - but some traders come to obsessively believe that they can crack the secret of overall markets, searching for an abstract 'truth' amid the fluctuations of price information. This has been encouraged by the influx of mathematics and physics students into the trading environment, which has led to biases towards viewing price movements in the same way one views movements of atoms. Statistics, and other forms of quantitative abstractions about past events, start to be seen as the ultimate source of insight in to the future."

Brett Scott  The Heretics Guide to Global Finance (2013) p.123

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