Quote

The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.

Alan Greenspan

Change background

T
T
T

Change font

TAGS & TOPICS

Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
Economist
Entrepreneur
Jazz Musician
Politician
New York City
New York
Years
Elegance
Guts
Mathematical
Genius
Year
Feel
Feels
Trader
Important
Traders

More quotes by Alan Greenspan

Image
I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
Alan Greenspan
Image
There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
Alan Greenspan
Image
This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets. Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
Alan Greenspan
Image
If I say something which you understand fully in this regard, I probably made a mistake.
Alan Greenspan
Image
A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage-market financed withdrawals of home equity in recent years.
Alan Greenspan
Image
Productivity is notoriously difficult to predict.
Alan Greenspan
Image
Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I'm only half joking
Alan Greenspan
Image
Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previously unrecognized borrowing capacities.
Alan Greenspan
Image
As long as we issue fiat currency, I see no alternative to a legal tender law.
Alan Greenspan
Image
If we are to remain preeminent in transforming knowledge into economic value, America's system of higher education must remain the world's leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
Alan Greenspan
Image
If you think you understand what I am saying you do not understand what I am saying.
Alan Greenspan
Image
History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
Alan Greenspan
Image
Credit-default swaps, I think, have serious problems associated with them.
Alan Greenspan
Image
Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
Alan Greenspan
Image
It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade. The worst have failed investors no longer fund them and are not likely to in the future.
Alan Greenspan
Image
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.
Alan Greenspan
Image
The free lunch has still to be invented.
Alan Greenspan
Image
We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity are in a state of shocked disbelief.
Alan Greenspan
Image
By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
Alan Greenspan
Image
History demonstrates that participants in financial markets are susceptible to waves of optimism. Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
Alan Greenspan