Bob La Quey wrote:
Your comment "brainpower doing nothing" is complete and utter nonsense.
Understanding how markets work, even if only for private profit, is
profoundly important.
The goal, however, was not "understanding how markets work." It was, in
fact, precisely the opposite. It was "manipulating the markets for profit."
Manipulation both diminishes our understanding and decreases the value
of markets for useful purposes. For example, all of the nice "momentum
investing" has done an excellent job of increasing volatility--not a
benefit. Part of the value of markets is liquidity so that volatility
can be managed.
I stand by my statement. The PhD's on Wall Street are wasted
brainpower. I might even call it parasitic--get back to me after we
recover from the meltdown.
Do you Andy, truly believe knowing how markets work is unimportant?
I believe understanding them is a laudable goal. It was not the goal of
those employed there, however.te
It was summed up well by a quote from the same person later in the same
thread:
"Truth is orthogonal to relevance."
If this is true then "truth is irrelevant."
I do not believe that truth is irrelevant.
I believe the quote is wrong. No "not even wrong."
No, that does not follow.
What this says is that truth and relevance are not necessarily related.
I can think of many things which are true but irrelevant. I can think
of many things which are true and relevant.
-a
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