Our markets are changing dramatically by virtue of new electronic systems. Within the next five years I believe we will have a globalized electronic market.
Arthur Levitt on Wall $treet Week (3/31/00)Leveraging gargantuan sums without a proper appreciation of the capriciousness of the capital markets is the financial equivalent of skydiving while drunk. And if your models are largely based on the last few years of data you've just left your parachute on the plane . . . Relying solely on your quantitative skills to invest successfully is like trying to fly an airplane based only on an exquisite knowledge of aeronautical engineering, ignoring the need of real-world flying experience and lacking a good sense of the fickleness of both aircraft systems and the weather.
William J. Bernstein in The Merchants of Greenwich
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