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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
Try
People
Say
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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. "
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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. "
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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. "
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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. "
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" Cancer is the great equalizer. Everyone is affected by it either themselves or through loved ones. "
Andrew Lo
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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
World
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Bag
" 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. "
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" I don't entirely reject the idea of efficient markets. It needs updating. "
Andrew Lo
Markets
Needs
Reject
" Ideas percolate. Through natural selection, the best ones survive. "
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Natural
Ideas
Through
" Financial crises are an unfortunate but necessary consequence of modern capitalism. "
Andrew Lo
Modern
Necessary
Capitalism
" 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
Learning
Story
Childhood
" My mother died of lung cancer last year. I felt helpless. As an economist, I thought, 'What can I do?' "
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Thought
Year
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" It's important to understand how people perceive risk, and how that translates into investment behavior. "
Andrew Lo
Important
Investment
People
" 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! "
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Creating
Black
Someone
" Great investors need to have the right combination of intuition, business sense and investment talent. "
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Investment
Business
Great
" 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
Financial
Think
Science
" Maybe we should teach schoolchildren probability theory and investment risk management. "
Andrew Lo
Investment
Teach
Management
" 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
Greed
Balance
Behavior