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Book Quotes 2022

Noise​

Author: Daniel Kahneman Pages: 464 Language: Norwegian

  • En studie av flere tusen dommere fra barne- og ungdomsdomstoler viste at tiltalte fikk hardere straff på mandager etter det lokale fotball-laget tapte enn ellers
  • Naiv realisme: Antakelsen av at resten av verden ser på den slik jeg gjør. Ego Sentrisk
  • Ex ante - I forkant
  • Spillerens villfarelselser, en kognitiv skjevhet der en har en tendens til å å undervurdere sannsynligheten for at en sier oppstår tilfeldig.
  • Beinbryddets unntak - Brukt for å illustrere at det er viktig for besultningstakere å vite når de skal overstyre en model. Eksempelet er at en ikke sakl tro en med brukket ben kommer til å gå på kino selv om en model tilsier det ut ifra andre parametere etc.

Fremskritt​

Author: Johan Norberg Pages: 216 Language: Norsk

  • Si Monumentum requires, circumspice - Hvis du leter etter monumentet, se deg omkring
  • Under 1 enkelt hungersnød i Sverige døde 1 av 15 mennesker 1695 - 1697.
  • Frankrike hadde 16 hungersnøder på 1700 tallet.
  • I fredstid tilhører en vitenskapmann verden, men under krig tilhører han sitt land. - Fritz Haber
  • Variolasjon - en metode/prosedyre for å oppnå immunitet mot kopper ved å risse inn sekreter for koppe-byller. Omtrent 2 % døde under denne behandlingen.
  • Ingenting kan motstå kraften av en ide hvis tid har kommet - Victor Hugo.
  • Walk free Foundation estimerer at 35 millioner mennesker lever i moderne slaveri.

A random walk down Wall Street​

Author: Burton G Malkiel Pages: 404 Language: English

  • "I can calculate the motions of heavenly bodies, but not the madness of people." - Isaac Newton, on losing colossal amounts of money in the South Sea Company Gamble.
  • Babson Break: Sharp decline in the market. Named after Roger Babson, who continuously predicted a crash in the stock market.
  • EBITDA - Earnings Before I Tricked The Dumb Auditor
  • No accurate history of the housing bubble can fail to recognize it was simply not "predatory lenders" that caused it, but the government itself that caused mortgage loans to be made to people who did not have the wherewithal to service them.
  • 2/3 of bad morgage loans on the financial system, as of the start of 2010 were brought by government agencies
  • Rule 1: A rational investor should be willing to pay a higher price for a share, the longer the growth rate of dividends and earnings.
  • Corollary to rule number 1: A rational investor should be willing to pay a higher price for a share the longer an extraordinary growth rate is expected to last.
  • Rule 2: a rational investor should pay a higher price for a share, other things equal, the longer the proportion of a company's earnings paid out in cash dividends are used to buy back stock.
  • Rule 3: a rational investor should pay a higher price for a share, other things, equal, the less risky the company stock.
  • Rule 4: a rational investor should pay a higher price for a share, all things equal, the lower the interest rate.
  • Fundamental & Technical Analysis
    • Rule 1: Buy only companies that are expected to have above-average earnings. Growth for five or more years
    • Rule 2: Never pay more for a stock than its firm foundation of value.
    • Rule 3: Look for stock, whose stories of anticipated growth, or of the kind on which investors can build castles in the air.
  • "Things are seldom what they seem, skim milk masquerades as cream" -Gilbert and Sullivan
  • "Technical Analysis of a company is a kin to astrology and every bit of scientific" - Richard Quandt
  • The indicator most correlated with S&P 500 index is the volume of butter production in Bangladesh.
  • 95% of significant market gains over 30 year period come on 90 of the roughly 17 000 trading days
  • "How can I have been so mistaken us to trust the experts?" - John F. Kennedy after the Bay of Pigs fiasco.
  • Analysts cannot predict consistent, long-term growth, because it doesn't exist.
  • "Behavioral finance is not a branch of standard finance. It is, it's its replacement with a better model of humanity." - Meir Statman
  • It is far more profitable to sell advice
  • "Lethargic, bordering on sloth remains the best investment style" Warren Buffet
  • Never buy anything from someone who is out of breath
  • GARP approach: Growth at a reasonable price investment strategy for identifying the value of a stock based on low earning multiplies.
  • "A recession is when you are out of work a depression is when I am out of work" - Harry Truman

Thoughts

  • These where quotes from my time writing the quotes by hand.