Didier Sornette Short Quotes

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A bubble that goes up is just one that could have crashed but did not.

Didier Sornette
The point is that humans are rarely at their best when they use rational reasoning.

Didier Sornette
The price of a stock is strongly influenced by the behavior of the traders in a nontrivial way.

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Indeed, the financial world is such that any insight is almost immediately used to trade for a profit.

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The problem is not that this optimistic view is wrong. By economic accounting, the optimistic view is mostly right.

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The incentives that people need to work and to find meaning in their lives should be found beyond material wealth and power.

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One trader's move in the market can be interpreted by another trader as relevant additional information due to the uncertainty he faces.

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Finally, empirical data suggests that assets are sold much more slowly during retirement years than when they are accumulated during working years.

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Perhaps the most profound synthesis of physical sciences came from the realization that everything could be understood from "conservation laws" and symmetry principals.

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The assumption of perfectly rational, maximizing behavior won out until recently in the art of modeling, not because it often reflects reality, but because it was useful.

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Positive feedbacks, when unchecked, can produce runaways until the deviation from equilibrium is so large that other effects can be abruptly triggered and lead to ruptures and crashes.

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Since it is the actions of investors whose buy and sell decisions move prices up and down, any deviation from a random walk has ultimately to be traced back to the behavior of investors.

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The acceleration of the number of traders buying into the market in the inflating bubble captures the oft-quoted observation that bubbles are times when the "greater fool theory" applies.

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Knowledge is encoded in models. Models are synthetic sets of rules, and pictures, and algorithms providing us with useful representations of the world of our perceptions and of their patterns.

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The old Wall Street saying " buy on rumors, sell on the news," is alive and well, as can be seen from numerous sources in the media and the Internet. Rumors can drive herding behavior strongly.

Didier Sornette