Quotes by Andrew Lo - Page 1

Ideas percolate. Through natural selection, the best ones survive.
Andrew Lo / Professor
Ideas
Natural
Natural Selection
Selection
Survive
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Labor is getting more expensive and technology is getting cheaper.
Andrew Lo / Professor
Technology
Cheaper
Labor
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I don't entirely reject the idea of efficient markets. It needs updating.
Andrew Lo / Professor
Efficient
Entirely
Reject
Updating
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Financial crises are an unfortunate but necessary consequence of modern capitalism.
Andrew Lo / Professor
Capitalism
Consequence
Crisis
Financial
Modern
Unfortunate
Crises
Financial Crises
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Maybe we should teach schoolchildren probability theory and investment risk management.
Andrew Lo / Professor
Investment
Management
Probability
Probability Theory
Risk
Risk Management
Theory
Schoolchildren
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Cancer is the great equalizer. Everyone is affected by it either themselves or through loved ones.
Andrew Lo / Professor
Affected
Cancer
Equalizer
Loved Ones
Loved
Either
Themselves
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My mother died of lung cancer last year. I felt helpless. As an economist, I thought, What can I do?
Andrew Lo / Professor
Cancer
Mother
Years
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My mother died of lung cancer last year. I felt helpless. As an economist, I thought, 'What can I do?'
Andrew Lo / Professor
Cancer
Died
Economist
Helpless
Last Year
Lung
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Great investors need to have the right combination of intuition, business sense and investment talent.
Andrew Lo / Professor
Money
Business Sense
Combination
Intuition
Investment
Needs
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It's important to understand how people perceive risk, and how that translates into investment behavior.
Andrew Lo / Professor
Investment
Perceive
Risk
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If we are able to allow people to earn a decent rate of return, with sufficient scale, we can all do well by doing good.
Andrew Lo / Professor
Decent
Doing Good
Rate
Return
Sufficient
Good People Doing
Allow
Scale
Earn
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While neurological studies have tried to identify components responsible for fear and greed, the impact on finance is less clear.
Andrew Lo / Professor
Finance
Clear
Components
Greed
Impact
Study
Identify
Neurological
Studies
Tried
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Some people might say, 'Can we afford it?' I think that's asking the wrong question... We should instead be asking, 'Can we really afford not to try?'
Andrew Lo / Professor
Afford
Instead
Question
Some People
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During periods of extreme fear or greed, you don't have the proper balance between those two to generate market efficiency and you get extremes in behavior.
Andrew Lo / Professor
Balance
Behavior
Efficiency
Extremes
Greed
Periods
Extreme
Generate
Market
Proper
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Most people are overconfident about their own abilities. That is probably a good thing. But we would be horrified if a physician's aide engaged in heart surgery.
Andrew Lo / Professor
Ability
Engaged
Heart
Overconfident
Surgery
Most
Good Heart People
Thing
Aide
Own
Good Thing
Horrified
Physician
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The risks facing hedge funds are non-linear and more complex than those facing traditional asset classessuch risks are currently not widely appreciated or well-understood
Andrew Lo / Professor
Appreciated
Linear
Risk
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Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality.
Andrew Lo / Professor
Science
Conceit
Crisis
Economics
Events
Financial
Financial Crisis
Reality
Thinking
Wishful Thinking
Complex
Suggest
Wishful
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If troubled companies want to explain away 2008 as a 'black swan,' then someone should take responsibility for creating the oil slick that seems to have tarred the entire flock!
Andrew Lo / Professor
Creating
Oil
Responsibility
Slick
Companies
Entire
Explain
Flock
Swan
Troubled
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If you rank the top 50 one-day moves in the S&P 500, a fair number of those happened within the last five or 10 years. That tells you that we're in a different, riskier market now.
Andrew Lo / Professor
Fair
Rank
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The adaptive markets hypothesis says that all economic institutions, like our own species, develop and change over time, depending on the population of investors that are engaged with them.
Andrew Lo / Professor
Adaptive
Economic
Engaged
Hypothesis
Investors
Population
Species
Depending
Develop
Markets
Says
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More and more investors may be coming into markets everywhere but that doesn't mean that the markets are really getting more and more efficient, even in the United States. It does mean that there is more access for savvy investors who watch the money flows.
Andrew Lo / Professor
Access
Efficient
Investors
Savvy
Everywhere
Flows
More And More
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What makes this story so remarkable is that throughout my early childhood I had ongoing learning difficulties, particularly in mathematics. I struggled to learn the multiplication table, and no matter how hard I tried, I simply couldn't remember 6 times 7 or 7 times 8.
Andrew Lo / Professor
Childhood
Early Childhood
Multiplication
Ongoing
Remarkable
Difficulties
Particularly
Struggled
Table
Throughout
Tried
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The United States has the most sophisticated financial markets in the world, which does not leave much room to maneuver. But it also offers investors the greatest access to information and the ability to execute trades quickly and efficiently. So it is a mixed bag of opportunity.
Andrew Lo / Professor
Opportunity
Ability
Access
Doe
Financial
Financial Markets
Information
Investors
Offers
Sophisticated
States
United States
Bag
Efficiently
Leave
Execute
Maneuver
Mixed
Room
Quickly
Trades
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Economists suffer from a deep psychological disorder that I call 'physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor.
Andrew Lo / Professor
Law
Psychological Disorders
Simple
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