3 ms·

Placing bets successfully needs way more than a general understanding of what might happen (and, of course, capital). Also, you conveniently ignore all the econ

Placing bets successfully needs way more than a general understanding of what might happen (and, of course, capital). Also, you conveniently ignore all the economists that got rich in financial markets over the years.

andy_ppp 3y ago
Name them. Which economists are rich from their theories or is Warren Buffet right about them, because that's who I'm paraphrasing from... Here's the quote: https://www.cnbc.com/2018/05/18/warren-buffett-explains-why-he-never-listens-to-economists.html https://www.cnbc.com/2018/05/18/warren-buffett-explains-why-...
- RandomLensman 3y ago
  Economists that made it in financial markets (examples): Cliff Asness, Barr Rosenberg, John Paul Tudor Jones, Stanley Druckenmiller, Kenneth Griffin , John Paulson (but that's an MBA) - is that enough billionaire economists for you? What exactly made each rich is a bit more tricky, but certainly Asness and Rosenberg got rich based on their research.
  - treyfitty 3y ago
    Those are not economists by trade nor profession. None of those people had PhDs in Econ. Never once were they called “economists”
    - RandomLensman 3y ago
      Why does Asness' PhD in finance under Farmer not count, for example? Is a financial economist not an economist, i.e., things like the EMH are not part of economics? Why do you think their training in economics was irrelevant?
  - trust_bt_verify 3y ago
    This list is rather disingenuous. > Kenneth Cordele Griffin is an American hedge fund manager, entrepreneur and investor. He is the founder, chief executive officer, co-chief investment officer, and 80% owner of Citadel LLC, a multinational hedge fund. He also owns Citadel Securities, one of the largest market makers in the U.S. I don’t see economist anywhere in Ken’s Wikipedia.
    - RandomLensman 3y ago
      Last sentence under Early Life and Education says he graduated with a degree in economics.
      - trust_bt_verify 3y ago
        You have a very low bar for classifying someone as an ‘economist’. I see why that’s the case as it does help your narrative but does not really lend much strength to your argument in my view.
        RandomLensman 3y ago
        What then is an economist or a physicist or a mathematician etc. when graduating with a degree in the respective field isn't it? What additional thing needs to be there? Just saying it doesn't count is a bit weak because that is saying training in a certain discipline and graduating in it has no meaning or skill transfer of relevance.
        trust_bt_verify 3y ago
        How about holding that title professionally? Or maybe just having him call himself an economist at some point? But your opinions are just that, and my opinion is your arguments are without merit.
        RandomLensman 3y ago
        I find it interesting that you know that the people on the list never ever referred to themselves as an economist. But I guess your point is to make sure that economists don't have any successes, not some deeper introspection into whether the study of economics can help in being successful.
- throw0101b 3y ago
  Maybe academic economists don't find it interesting to 'simply' make money and find reward in our endeavours? Plenty of STEM folks could work on Wall Street as quants for way more money, but choose not to. Paul McCulley (an economist) made certain predictions while working at PIMCO (as did Paul Krugman), and then he left and Bill Gross (PIMCO founder) ignored what he said and made certain financial moves and lost a whole bunch of money: * https://www.businessinsider.com/this-was-the-bill-gross-blunder-that-led-to-his-downfall-2014-10 https://www.businessinsider.com/this-was-the-bill-gross-blun... * https://www.nytimes.com/2014/10/03/opinion/paul-krugman-depression-denial-syndrome.html https://www.nytimes.com/2014/10/03/opinion/paul-krugman-depr... Gross is way richer than McCulley (or Krugman), and yet the rich guys got it wrong and the poor(er) guys got it right. If only Gross had listened to the economists (that worked for him).

andy_ppp 3y ago

Name them. Which economists are rich from their theories or is Warren Buffet right about them, because that's who I'm paraphrasing from... Here's the quote: https://www.cnbc.com/2018/05/18/warren-buffett-explains-why-he-never-listens-to-economists.html https://www.cnbc.com/2018/05/18/warren-buffett-explains-why-...

RandomLensman 3y ago
Economists that made it in financial markets (examples): Cliff Asness, Barr Rosenberg, John Paul Tudor Jones, Stanley Druckenmiller, Kenneth Griffin , John Paulson (but that's an MBA) - is that enough billionaire economists for you? What exactly made each rich is a bit more tricky, but certainly Asness and Rosenberg got rich based on their research.
- treyfitty 3y ago
  Those are not economists by trade nor profession. None of those people had PhDs in Econ. Never once were they called “economists”
  - RandomLensman 3y ago
    Why does Asness' PhD in finance under Farmer not count, for example? Is a financial economist not an economist, i.e., things like the EMH are not part of economics? Why do you think their training in economics was irrelevant?
- trust_bt_verify 3y ago
  This list is rather disingenuous. > Kenneth Cordele Griffin is an American hedge fund manager, entrepreneur and investor. He is the founder, chief executive officer, co-chief investment officer, and 80% owner of Citadel LLC, a multinational hedge fund. He also owns Citadel Securities, one of the largest market makers in the U.S. I don’t see economist anywhere in Ken’s Wikipedia.
  - RandomLensman 3y ago
    Last sentence under Early Life and Education says he graduated with a degree in economics.
    - trust_bt_verify 3y ago
      You have a very low bar for classifying someone as an ‘economist’. I see why that’s the case as it does help your narrative but does not really lend much strength to your argument in my view.
      - RandomLensman 3y ago
        What then is an economist or a physicist or a mathematician etc. when graduating with a degree in the respective field isn't it? What additional thing needs to be there? Just saying it doesn't count is a bit weak because that is saying training in a certain discipline and graduating in it has no meaning or skill transfer of relevance.
        trust_bt_verify 3y ago
        How about holding that title professionally? Or maybe just having him call himself an economist at some point? But your opinions are just that, and my opinion is your arguments are without merit.
        RandomLensman 3y ago
        I find it interesting that you know that the people on the list never ever referred to themselves as an economist. But I guess your point is to make sure that economists don't have any successes, not some deeper introspection into whether the study of economics can help in being successful.
throw0101b 3y ago
Maybe academic economists don't find it interesting to 'simply' make money and find reward in our endeavours? Plenty of STEM folks could work on Wall Street as quants for way more money, but choose not to. Paul McCulley (an economist) made certain predictions while working at PIMCO (as did Paul Krugman), and then he left and Bill Gross (PIMCO founder) ignored what he said and made certain financial moves and lost a whole bunch of money: * https://www.businessinsider.com/this-was-the-bill-gross-blunder-that-led-to-his-downfall-2014-10 https://www.businessinsider.com/this-was-the-bill-gross-blun... * https://www.nytimes.com/2014/10/03/opinion/paul-krugman-depression-denial-syndrome.html https://www.nytimes.com/2014/10/03/opinion/paul-krugman-depr... Gross is way richer than McCulley (or Krugman), and yet the rich guys got it wrong and the poor(er) guys got it right. If only Gross had listened to the economists (that worked for him).