Another month, another rationality quotes thread. The rules are:
- Please post all quotes separately, so that they can be upvoted or downvoted separately. (If they are strongly related, reply to your own comments. If strongly ordered, then go ahead and post them together.)
- Do not quote yourself.
- Do not quote from Less Wrong itself, HPMoR, Eliezer Yudkowsky, or Robin Hanson. If you'd like to revive an old quote from one of those sources, please do so here.
- No more than 5 quotes per person per monthly thread, please.
- Provide sufficient information (URL, title, date, page number, etc.) to enable a reader to find the place where you read the quote, or its original source if available. Do not quote with only a name.
As somewhat of a libertarian, I tend to fall into that last group. I have to keep reminding myself that if nobody could outguess the market, then there'd be no money in trying to outguess the market, so only fools would enter it, and it would be easy to outguess.
There is a great deal of money to be made by entering the market and not trying to outguess it. This is what index funds are about. Thus many non-fools enter the market.