People in both fields operate with beliefs and biases. To the extent you can eliminate both and replace them with data, you gain a clear advantage.

We aren't natural statisticians. What we are is natural storytelling machines. And so what we do after we have the facts in hand is build a story to explain the facts.

The Germans made just about every bad investment you could have made in the last 10 years. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds.

There was but one question he left unasked, and it vibrated between his lines: if gross miscalculations of a person's value could occur on a baseball field, before a live audience of thirty thousand, and a television audience of millions more, what did that say about the measurement of performance in other lines of work? If professional baseball players could be over- or under valued, who couldn't?

People dislike uncertainty so much that they will impose an order on it even when it doesn't exist.

When the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis Trading, deserves a prominent place in it.

Every form of strength is also a form of weakness,” he once wrote. “Pretty girls tend to become insufferable because, being pretty, their faults are too much tolerated. Possessions entrap men, and wealth paralyzes them. I learned to write because I am one of those people who somehow cannot manage the common communications of smiles and gestures, but must use words to get across things that other people would never need to say.