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One of the first things they teach stockbrokers is to stay out of the stock market. Brokers make their pile from selling advice, and from commissions… - Jerry Pournelle
" "One of the first things they teach stockbrokers is to stay out of the stock market. Brokers make their pile from selling advice, and from commissions on stock transactions. They can't predict the market, and few risk their own money. They, at least, only affect their clients' fortunes. Economists, though, can ruin the lot of us with their advice — yet if no science can predict a relatively closed system like the stock market, how the devil are you going to 'fine tune' something a large as the American economy? I'd think it arrogant to try; as arrogant as the man with three illiterate drug-addicted spoiled brats writing a book on parenting.
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About Jerry Pournelle
Jerry Eugene Pournelle (August 7, 1933 - September 8, 2017) was an American essayist, journalist and science fiction author.
Also Known As
Birth Name:
Jeremia Eugene Pournelle
Native Name:
Jerry Eugene Pournelle
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Additional quotes by Jerry Pournelle
Pournelle's Iron Law of Bureaucracy states that in any bureaucratic organization there will be two kinds of people: those who work to further the actual goals of the organization, and those who work for the organization itself. Examples in education would be teachers who work and sacrifice to teach children, vs. union representative who work to protect any teacher including the most incompetent. The Iron Law states that in all cases, the second type of person will always gain control of the organization, and will always write the rules under which the organization functions.
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