Caught this excerpt on pragcap.com:
“In the science of physics, we know that water freezes at 32 degrees. We can predict with immense accuracy exactly how far a rocket ship will travel filled with 500 gallons of fuel. There is preciseness because there are constants, which do not change and upon which equations can be constructed.”
–Robert Wenzel, Editor of the Economic Policy Journal, speaking at the New York Fed
In the science of economics there are no such constants, yet investors often behave as if they operate in a world of logic and certainty. Because such assumptions are made, history is littered with investors who have failed miserably.
Rotate on those comments for a moment. Let them sink deep into your gut.