The essence of a good society…is that every member, regardless of gender, race or ethnic origin, should have access to a rewarding life.
Economics and pyschology are not sciences, though they adhere (or should adhere) to scientific methods. They are, in Samuel Brittan’s words, “ways of looking at the world”.
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect dinner, but from their regard of their own advantage.”
Understanding money is a matter of understanding ourselves.
If everything were rational, nothing would happen. – Dosteovsky.
Instead of the traditional creditor-debtor relationship between a bank and its clients, the two parties become partners under the Islamic system, and the bank’s function, in addition to making a profit, is to help build society and assist the needy…
…The bank may write you a check, interest free, that will make you a partner. You and the bank share the profits or losses of the venture.
At the heart of the system are the Muslim beliefs that wealth is transitory, that money is not a commodity and that those blessed with abundance have an obligation to share with the less fortunate. The Koran urges individuals to labor and increase production, thus endorsing capitalism and fair profits. It encourages the acceptance of risk but forbids speculation…
…When loans are made, commissions and fixed fees are involved, all of which sound like another name for points and interest. Indeed, many of the difference between Western and Islamic banking are purely cosmetic, but having been told how unsavoury interest is, Arabs feel pyschologically comfortable doing business in a religious environment.
The derivatives market exists to transfer risk. There’s no way to escape from risk. There’s only the freedom to chose which risk you want to take.
… Money doesn’t mean much to me. I’ve always felt rich. I do what I want to do, all day long. That’s being rich.
You are free to do whatever you like. You need only face the consequences. – Sheldon Knopp.
The essential element is that the markets are ultimately based on human psychology, and by charting the markets you’re merely converting human psychology into graphic representations. I believe that the human mind is more powerful than any other computer in analysing the the implications of these price graphs.
Most classical applications of statistics are based on the key assumption that the data distribution in normal, or some other known form. Classical statistics work well and allow you to draw precise conclusions if you’re correct in your assumption of the data distribution. However, if your distribution assumptions are even a little bit off, the error is enough to derail the delicate statistical indicators.
Victor Sperandeo, a market wizard, made the distinction that, “Gambling involves taking a risk when the odds are against you…Successful speculation implies taking a risk when the odds are in your favour.”
All such men are the prisoners of objects.
“How you bid” he said “is a mirror of you”. …what you do is based on what you already know about yourself and your soul.
…then he changes his personality and loses it all back again. On some level, I think he is getting what he really wants.
The key to winning is internal, not external.
Trading puts pressure on the weaker human traits and seem to seek out each individual’s Achilles heel.
When we do value and accept ourselves we find the world interesting, even those parts of it where we play no part. Thus we acquire information and experience which can be very useful to us.
It is difficult to think about thinking because we cannot find an objective position from which we can view our thoughts. If you’re inside a big building it is hard to grasp the dimensions of that building. If you can’t leave the building to see what it looks like from the outside, and if you’ve been in the building for a very long time, you might not be aware that you are enclosed by he building and that everything you do is limited by the way the building is constructed; you many think that you are experiencing the whole world, not just the interior of that building. Something similar can happen with thinking. You think that your thoughts are free to go wherever they wish, and you do not realise that your thoughts are bounded by a framework of meaning which you/your thoughts have constructed early in your life.
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