As the worldly philosophers of the past affirmed, the goal of economics is to improve the way society functions. In The New Financial Order, Robert Shiller joins this proud tradition by directing his brilliant economic skills toward the creation of… — Peter L. Bernstein Copy Share Image
Gambling has held human beings in thrall for millennia. It has been engaged in everywhere, from the dregs of society to the most respectable… — Peter L. Bernstein Copy Share Image
“Time matters most when decisions are irreversible. And yet many irreversible decisions must be made on the basis of incomplete information.” — Peter L. Bernstein Copy Share Image
“[The] utility resulting from any small increase in wealth will be inversely proportionate to the quantity of goods previously possessed.” — Peter L. Bernstein Copy Share Image
The word 'risk' derives from the early Italian risicare, which means 'to dare'. In this sense, risk is a choice rather than a fate.… — Peter L. Bernstein Copy Share Image
The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we… — Peter L. Bernstein Copy Share Image
“But therein lies the logician's trap: past data from real life constitute a sequence of events rather than a set of independent observations, which… — Peter L. Bernstein Copy Share Image
“So we pour in data from the past to fuel the decision-making mechanisms created by our models, be they linear or nonlinear. But therein… — Peter L. Bernstein Copy Share Image
“Our lives teem with numbers, but we sometimes forget that numberss are only tools. They have no soul; they may indeed become fetishes.” — Peter L. Bernstein Copy Share Image
The revolutionary idea that defines the boundary between modern times and the past is the mastery of risk: the notion that the future is… — Peter L. Bernstein Copy Share Image
“His local campaigns around Macedonia also augmented that absolutely essential economic resource: slaves-slaves to work the mines, slaves to work the fields, slaves to… — Peter L. Bernstein Copy Share Image
“The information you have is not the information you want. The information you want is not the information you need. The information you need… — Peter L. Bernstein Copy Share Image
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