They have no soul they may indeed become fetishes.” “Our lives teem with numbers, but we sometimes forget that numberss are only tools. “One winter night during one of the many German air raids on Moscow in World War II, a distinguished Soviet professor of statistics showed up in his local air-raid shelter.” “Markets look a lot less efficient from the banks of the Hudson than from the banks of the Charles.” “Loss-aversion combined with ego leads investors to gamble by clinging to their mistakes in the fond hope that some day the market will vindicate their judgment and make them whole.” “Life is a collection of similarities rather than identities no single observation is a perfect example of generality.” “It would follow that cutting your losses is also a good idea, but investors hate to take losses, because, tax considerations aside, a loss taken is an acknowledgment of error.” “It was a time for scientists to wipe the metaphysical dust from their eyes.” “If the satisfaction to be derived from each successive increase in wealth is smaller than the satisfaction derived from the previous increase in wealth, then the disutility caused by a loss will always exceed the positive utility provided by a gain of equal size.” “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 keep the whole economy humming.” Which way should we incline? Reason cannot answer.” “Game theory says that the true source of uncertainty lies in the intentions of others.”

“Fear of harm ought to be proportional not merely to the gravity of the harm, but also to the probability of the event.” “Discontinuities, irregularities, and volatilities seem to be proliferating rather than diminishing.” Here is a look at some of the most prominent Peter L. A New York City native, Bernstein served on the Visiting Committee to the Economics Department of Harvard University. Bernstein was a well known educator, financial historian, and economist best known for communicating investment economics to the public.

As the author and co-author of over a dozen books, Peter L.

Peter l bernstein books