Hier steckt zuviel drin um das jetzt auszubreiten, aber man sollte ueber diesen Absatz laenger nachdenken:
The reason that shifting your thinking from “risk management” to “quality control” is an interesting thing to do is that it gets you away from a creeping cultural assumption that risk is in some way related to return. This is in fact, as Eric Falkenstein keeps proving, not even true in its paradigm case, the stock market – more or less however you measure it, high risk shares have lower average returns, not higher. Eric has a complicated theory of why this might be the case, involving benchmarking and the role of institutional investors, but I think it’s simpler than that – it’s just that the main source of risk in the world is mistakes, that a “high risk” share is one that has a lot of bad surprises happening to it, and that it’s not particularly complicated to understand why a prevalence of mistakes and bad surprises isn’t correlated with higher returns.
Aber die Idee einer Homeopathischen Cocktail Bar, ist auch wunderbar:
The cocktail he had painstakingly constructed for me had been made from a base of gin, mixed with gin from a bottle which had once contained a drop of vermouth, and stirred assidously over gin from a bottle which had once contained a sliver of ice. Lukas had been up all the night before, pouring and re-pouring the gin, to ensure that these original ingredients had long since been rinsed away.
Der Daniel Davies ist schon stark, aber manchmal kann ich ihm nicht ganz folgen. DeLong hatte ein mal einen Daniel Davies Marathon.
http://d-squareddigest.blogspot.com/
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