Читать книгу Trend Following - Ritholtz Barry - Страница 22

● David Harding on EMT: “Economists, academics, modelers, gurus and geeks need to recognize that though a grand and beautifully simple theory applying across financial markets may be desirable, it is most likely impossible.”

● Harding: “… the essence of trend following has been effective beyond my wildest dreams and, for me it has been more risky to diversify away from it …”

● Harding: “As the years have unfolded and I have had experience of the seemingly magical phenomenon of trends, my prejudice in favor of this unloved and unheralded investment approach has hardened. To a statistician this is called a Bayesian Philosophy.”

● Harding: “Humans are prone to unpredictable behavior, to overreaction or slumbering inaction, to mania and panic.”