Mispricing Quotes & Sayings

At the core of an analytical edge is an ability to systematically distinguish between fundamentals and expectations. Fundamentals are a well thought out distribution of outcomes, and expectations are what's priced into an asset. A power metaphor is the [pari-mutuel] racetrack. The fundamentals are how fast a given horse will run and the expectations are the odds on the tote board. As any serious handicapper knows, you make money only by finding a mispricing between the performance of the horse and the odds. There are no 'good' or 'bad' horses, just correctly or incorrectly priced ones. — Michael Mauboussin

Most Christians are still living with an Old Testament view of their heart. Jeremiah 17:9 says, 'My heart is deceitfully wicked.' No, it's not. Not after the work of Christ, because the promise of the new covenant is a new heart. — John Eldredge

I'II be happy when ...
Choose to be happy now. The journey counts, every single step make it count. Never loose sight of your smile. — Truth Devour

Not all good works can turn a profit, but profits can be directed toward good. As Warren Buffett explains, "I've worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. — William D. Eggers

Onlookers frequently confuse edge with style ... Edge means generating excess returns because of mispricing. Style suggests being in the right place at the right time. Sometimes edge and style overlap, sometimes they don't. — Michael Mauboussin

The Bible nowhere says that animals are just made for human use. It does not say that the whole earth is just ours to do with as we like. Neither does it say that God's sole interest is with the human species. We cannot allow such an important and influential book to become the preserve of those who want to exploit animals. The Bible needs to be read, studied, and reclaimed for the animals. — Andrew Linzey

Of course I remember you. You were the only one who ever looked at me like a human being."
"You've always known?"
"Adam, I'd recognize your eyes anywhere in the world. — Tahereh Mafi

She'd never have to cut herself again. She carries a knife inside herself now, one that was always cutting her. She could feel it every time she swallowed, every time her thoughts strayed. — Scott Westerfeld

The first western gardens were those in the Mediterranean basin. There in the desert areas stretching from North Africa to the valleys of the Euphrates, the so-called cradle of civilization, where plants were first grown for crops by settled communities, garden enclosures were also constructed. Gardens emphasized the contrast between two separate worlds: the outer one where nature remained awe-inspiringly in control and an inner artificially created sanctuary, a refuge for man and plants from the burning desert, where shade trees and cool canals refreshed the spirit and ensured growth. — Penelope Hobhouse

We don't like admitting this, but it is a key component of human existence: the fact that life has the potential for things both wondrous and horrific. — Douglas Kennedy

I've worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate's distribution of long straws is wildly capricious. — Warren Buffett

If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction. — Seth Klarman