Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.— Milton Friedman
Sensual Market Efficiency quotations
Customers will never love a company until the employees love it first.
Corruption is government intrusion into market efficiencies in the form of regulations.
Markets are efficient, but there are different dimensions of risk and those lead to different dimensions of expected returns. That's what people should be concerned with in their investment decisions and not with whether they can pick stocks, pick winners and losers among the various managers delivering basically the same product.
Marketing is no longer about the stuff you make, but about the stories you tell.
I take the market-efficiency hypothesis to be the simple statement that security prices fully reflect all available information.
Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices
In an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value.
The stock market is a device for transferring money from the impatient to the patient.
The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I can think of. For investment purposes, there are very few investors that shouldn't behave as if markets are totally efficient.
The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.
A vital function of the free market is to penalize inefficiency and misjudgment and to reward efficiency and good judgment. By distorting economic calculations and creating illusory profits, inflation will destroy this function.
Sell the problem you solve, not the product.
I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible.
Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics.
The market is a mechanism for sorting the efficient from the inefficient, it is not a substitute for responsibility.
Be the best. It's the only market thats not crowded.
All you need is the best product in the world, the most efficient production in the world and global marketing.
We do not have free market capitalism in America;
we have crony capitalism. There is a huge difference between free market capitalism that democratizes a country and makes us more efficient and prosperous and corporate crony capitalism.
Innovation must lead infrastructure for a simple but compelling reason: Innovation produces new types of products and markets, and it is virtually impossible to know how to run those markets efficiently before they are created.
The best advice I can give on building community online is... "Be the community you want to have".
From the time I first understood economic principles, I was always concerned also that any system be operated on an efficient basis, which meant decentralization because knowledge is not concentrated anywhere. It's based on motivation, and so these are the advantages of, say, the cautious case for capitalism, that the market system is efficient.
The barriers that renewables and efficiency face come less from our living in a capitalist market economy and more from not taking market economics seriously.
I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.
It's not about how to get started; it's about how to get noticed.
The sad truth is that it is precisely those who disagree most with the hypothesis of efficient market pricing of stocks, those who pooh-pooh beta analysis and all that, who are least able to understand the analysis needed to test that hypothesis.
I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.
Value investing is predicated on the efficient market hypothesis being wrong.
As long as the problems of the poor are not radically resolved by rejecting the absolute autonomy of markets and financial speculation and by attacking the structural causes of inequality, no solution will be found for the world's problems or, for that matter, to any problems.
City planning finds its validation in the intuitive recognition that a burgeoning market society can not be trusted to produce spontaneously a habitable, sanitary, or even efficient city, much less a beautiful one.
The state owned monopolies are among the greatest millstones round the neck of the economy. Liberals must stress at all times the virtues of the market, not only for efficiency but to enable the widest possible choice. Much of what Mrs Thatcher and Sir Keith Joseph say and do is in the mainstream of liberal philosophy.
The reason the U.S. lags so badly is that we have obsolete rules that favor big over small, supply over efficiency, and incumbents over new market entrants.
Make your marketing so useful people would pay for it.
Search, a marketing method that didn't exist a decade ago, provides the most efficient and inexpensive way for businesses to find leads.
If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?
The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency will win out.
Social media creates communities, not markets.
There is no other proposition in economics that has more solid empirical evidence supporting it than the Efficient Market Hypothesis... In the literature of finance, accounting, and the economics of uncertainty, the EMH is accepted as a fact of life.
First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen in analyzing those facts will pay off in better performance somehow measured. (By this logic, cure for cancer must have been found by 1955).
The United States has the most sophisticated financial markets in the world, which does not leave much room to maneuver. But it also offers investors the greatest access to information and the ability to execute trades quickly and efficiently. So it is a mixed bag of opportunity.
Consumer insights based on strategy and market planning is critical for success in highly competitive market.
Seven habits that help produce the anything-but-efficient markets that rule the world. 1. Think short term. 2. Be greedy. 3. Believe in the greater fool 4. Run with the herd. 5. Overgeneralize 6. Be trendy 7. Play with other people's money
Oil replacements and then efficiencies in engines and housing and the way we build houses is a very interesting market.
By elevating the dictum of the market to the role of the sole criterion of rationality and efficiency, economics denies even all "respectability" to the distinction between essential and non-essential consumption, between productive and unproductive labor, between actual and potential surplus.
If I subscribed to the efficient market theory I would still be delivering papers
Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.