The central question for positive financial economics is valuation – what is the value today of a set of future prospective cash flows? The central question for normative financial economics is the appropriate use of financial instruments in a world in which values are set wholly or partially in accord with the principles of positive financial economics.
William F. SharpeRelated topics
central economics future prospective question set use valuation value today normativeRelated quotes
There is something ridiculous and even quite indecent in an individual claiming to be happy. Still more a people or a nation making such a claim. The pursuit of happiness... is without any question the most fatuous which could possibly be undertaken. This lamentable phrase ''the pursuit of happiness'' is responsible for a good part of the ills and miseries of the modern world.
Malcolm Muggeridge
I conceived, developed and applied in many areas a new geometry of nature, which finds order in chaotic shapes and processes. It grew without a name until 1975, when I coined a new word to denote it, fractal geometry, from the Latin word for irregular and broken up, fractus. Today you might say that, until fractal geometry became organized, my life had followed a fractal orbit.
Benoît Mandelbrot
There is no question but that if Jesus Christ, or a great prophet from another religion, were to come back today, he would find it virtually impossible to convince anyone of his credentials despite the fact that the vast evangelical machine on American television is predicated on His imminent return among us sinners.
Peter Ustinov
It is good to be a cynic - it is better to be a contented cat - and it is best not to exist at all. Universal suicide is the most logical thing in the world - we reject it only because of our primitive cowardice and childish fear of the dark. If we were sensible we would seek death - the same blissful blank which we enjoyed before we existed.
H. P. Lovecraft
And a third danger is timidity. Few men are willing to brave the disapproval of their fellows, the censure of their colleagues, the wrath of their society. Moral courage is a rarer commodity than bravery in battle or great intelligence. Yet it is the one essential, vital quality of those who seek to change a world which yields most painfully to change.
Robert F. Kennedy