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Politics : View from the Center and Left

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To: cosmicforce who wrote (210927)	12/8/2012 3:10:00 AM
From: JohnM	Read Replies (1) of 541832

Ah, as I thought. You're not bothered by the Nobel prize for economics but by the profession itself. I find it a bit strange that you measure the worth of the profession by the ability of its members to make money on the stock market. I know a few reasonably serious economists and I can't remember a one who had any such goals. I don't doubt there are a few. And, as I type, I recall that Paul Samuelson was reputed to have made a fortune on the stock market and I think he was on the board of TIAA-CREF for some time. But I don't recall him claiming that his economics made him a better investor/trader. They are simply different skills/training/whatever. The only folk in the academy that I can recall doing well trading the market as opposed to investing in it were the few who spent a good bit of time tracking it, learning TA and fundamental analysis, and who practiced by the patience and the gambler mentality to do so. As for investing rather than trading, that's a skill set even further removed. Buffett reads balance sheets constantly rather than working his way through macro or micro economic models.

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