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Richard Thaler Quotes

Why tie to gold? Why not 1982 Bordeaux? Picture Quote #1

Every American worker should be able to save for retirement via payroll deductions Picture Quote #1

The lesson from behavioral economics is that people only save if it’s automatic Picture Quote #1

There are cases when I can make myself better off by restricting my future choices and commit myself to a specific course of action Picture Quote #1

So the world is much more correlated than we give credit to. And so we see more of what Nassim Taleb calls black swan events - rare events happen more often than they should because the world is more correlated Picture Quote #1

I think the people who’ve been the most overconfident in our business in the last decade have been the people that called themselves risk managers Picture Quote #1

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I think one lesson we have to learn is that there’s a lot more risk than we’re giving credit to, a lot more what economist calls systematic risk Picture Quote #1

When should we nudge and when should we shove, I think, it’s a political judgment. Obviously in some situations we need shoves, we need laws. Fraud is against the law, murder is against the law, drunk-driving is against the law. We don’t need just nudges Picture Quote #1

I’m all for empowerment and education, but the empirical evidence is that it doesn’t work. That’s why I say make it easy Picture Quote #1

If people just put away what’s left at the end of the month, that’s a recipe for failure Picture Quote #1

So, what’s a nudge? A nudge is some small feature of the environment that attracts our attention and alters our behavior Picture Quote #1

LTCM lost money when Russia defaulted on a certain class of bonds, and then they had other investments like on the spread between two different kinds of shares of Royal Dutch Shell Oil Company. Now that seems completely unrelated to Russian bonds. But they were related because other hedge funds saw similar discrepancies and they were all making similar bets Picture Quote #1

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A good rule of thumb is to assume that everything matters Picture Quote #1

I don’t go by the ratings. I buy wine that tastes good. Statistically, anybody’s ability to predict what will be a good wine a decade from now is limited Picture Quote #1

Investors must keep in mind that there’s a difference between a good company and a good stock. After all, you can buy a good car but pay too much for it Picture Quote #1

People exaggerate their own skills. they are optimistic about their prospects and overconfident about their guesses, including which managers to pick Picture Quote #1

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Why tie to gold? Why not 1982 Bordeaux? (Richard Thaler Quotes) Every American worker should be able to save for retirement via payroll deductions (Richard Thaler Quotes) The lesson from behavioral economics is that people only save if it’s automatic (Richard Thaler Quotes) There are cases when I can make myself better off by restricting my future choices and commit myself to a specific course of action. (Richard Thaler Quotes) So the world is much more correlated than we give credit to. And so we see more of what Nassim Taleb calls black swan events - rare events happen more often than they should because the world is more correlated. (Richard Thaler Quotes) I think the people who’ve been the most overconfident in our business in the last decade have been the people that called themselves risk managers. (Richard Thaler Quotes) I think one lesson we have to learn is that there’s a lot more risk than we’re giving credit to, a lot more what economist calls systematic risk. (Richard Thaler Quotes) When should we nudge and when should we shove, I think, it’s a political judgment. Obviously in some situations we need shoves, we need laws. Fraud is against the law, murder is against the law, drunk-driving is against the law. We don’t need just nudges. (Richard Thaler Quotes) I’m all for empowerment and education, but the empirical evidence is that it doesn’t work. That’s why I say make it easy. (Richard Thaler Quotes) If people just put away what’s left at the end of the month, that’s a recipe for failure (Richard Thaler Quotes) So, what’s a nudge? A nudge is some small feature of the environment that attracts our attention and alters our behavior. (Richard Thaler Quotes) LTCM lost money when Russia defaulted on a certain class of bonds, and then they had other investments like on the spread between two different kinds of shares of Royal Dutch Shell Oil Company. Now that seems completely unrelated to Russian bonds. But they were related because other hedge funds saw similar discrepancies and they were all making similar bets. (Richard Thaler Quotes) A good rule of thumb is to assume that everything matters (Richard Thaler Quotes) I don’t go by the ratings. I buy wine that tastes good. Statistically, anybody’s ability to predict what will be a good wine a decade from now is limited (Richard Thaler Quotes) Investors must keep in mind that there’s a difference between a good company and a good stock. After all, you can buy a good car but pay too much for it (Richard Thaler Quotes) People exaggerate their own skills. they are optimistic about their prospects and overconfident about their guesses, including which managers to pick (Richard Thaler Quotes)