Robert Haugen quotes
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“Although efficient markets people still go around saying there is a "mountain" of evidence supporting their hypothesis, the truth of the matter is that it's a very old mountain that's now eroding rapidly into the sea.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, ch. 1, Introduction, p. 2, 1999.
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“The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, ch. 15, The Wrong 20-yard Line, p. 142, 1999.
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“In going directly to Investment Heaven, you build your portfolio as you would build a wonderful company through a merger and acquisition program. You specify the way you want your portfolio to look, and then you assemble the profile piece by piece by bringing together companies that make their own individual contributions to the desired character.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, Chapter 14, The Roads to Heaven and Hell, p. 139, 1999.
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“In real-world Finance, they don't pay for elegance. They pay for power - predictive power.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, Chapter 13, Counterattack - The Second Wave, p. 129, 1999.
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“Behaviorists tell us that we tend to overweight and overreact to the most recently received information. If we do, we will find that the information that we thought was so important becomes tempered, and reduced in significance, by new and related information that follows.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, Chapter 12, The Forces behind the Technical Payoffs to Price History, p. 121, 1999.
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“Less volatile stocks tend to have negative abnormal profits; more volatile stocks tend to have positive abnormal profits.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, ch. 11, The Negative Payoff to Risk, p. 113, 1999.
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“If we observe the performance of only those funds that remain active, we will tend to find that the average performance of the surviving funds exceeds that of the market.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, Chapter 6, Counterattack-The First Wave, p. 63, 1999.
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“A comprehensive list of factors brings predictive stability and predictive stability and predictive power.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book byRobert Haugen, Chapter 5, Predicting Future Stock Returns with the Expected-Return Factor Model, p. 56, 1999.
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“The cheaper the stock, the better the outlook for future returns.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, ch. 4, Payoffs to the Five families, p. 50, 1999.
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“When you buy a lottery ticket, you don't know how tickets have been sold. But sold they have been. And there is an underlying distribution for the game.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, ch. 3, Estimating Portfolio Risk and Expected Return with Ad Hoc Factor Models, p. 29, 1999.
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“CAPM also makes use of what is called a "definitional identity." This is something that is automatically true, simply because of the way things have been defined.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, ch. 2, Estimating Expected Return with the Theories of Modern Finance, p. 16, 1999.
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“So you see, in the end, it is nearly certain that the power of prediction must triumph over the arrogance of elegance.”
-- Robert HaugenSource : "The Inefficient Stock Market - What Pays Off And Why". Book by Robert Haugen, ch. 15, The Wrong 20-yard Line, p. 148, 1999.
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