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People think rationally that the world really is more risky. Imagine in 2008 that investors thought there was a 10% chance we’d have a depression. That would partly justify the drop in prices.

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Eugene Fama

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Tastes and behavior are important in economics. Nobody denies that. But the question is: How much of behavior is irrational, and how much of the irrational behavior really affects prices? It turns out that’s very difficult to answer.

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The most important thing a pastor does is stand in a pulpit every Sunday and say, ‘Let us worship God.’ If that ceases to be the primary thing I do in terms of my energy, my imagination, and the way I structure my life, then I no longer function as a pastor.

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April 26, 2024

The most important thing a pastor does is stand in a pulpit every Sunday and say, ‘Let us worship God.’ If that ceases to be the primary thing I do in terms of my energy, my imagination, and the way I structure my life, then I no longer function as a pastor.

Previous

April 26, 2024

Tastes and behavior are important in economics. Nobody denies that. But the question is: How much of behavior is irrational, and how much of the irrational behavior really affects prices? It turns out that’s very difficult to answer.

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