Definitions HQ

The Market (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠always wrong. This is the assumption you should start with, so if you copy everybody else on Wall Street, you're doomed to do poorly.

The Market (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠not something that tends toward equilibrium as is generally accepted. This is because they do not merely discount the future, rather they help to shape the future.

The Market (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠not always right. They are always wrong, for they always present a biased view of the future.

The Market (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

The Market (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠able to influence the events that it anticipates.

The Market (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠designed to allow individuals to look after their private needs and to pursue profit, but they're not designed to take care of social needs.

The Market (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠imperfect. You need regulation, knowing that the regulators are also human.