QOTD: “Half the Formulas They Teach You in Grad School Are False”

Harry Markopolos, the Madoff whistleblower whose new book, No One Would Listen
is out tomorrow, had a brief interview in the Sunday NYT magazine.

This quote leapt out at me:

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Q: Where did you learn about finance?

A: You don’t learn much in grad school. Half the formulas they teach you are false. It’s a lot of self-study. I read a lot of finance books, and I usually read them with a calculator because I go through the math to make sure I master the formulas.

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One other line that I could not agree more about: “It’s a lot of self-study.”

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