Andrew Lo

"Economists suffer from a deep psychological disorder that I call 'physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor."

—Andrew Lo

"Labor is getting more expensive and technology is getting cheaper."

—Andrew Lo

"The risks facing hedge funds are non-linear and more complex than those facing traditional asset classes such risks are currently not widely appreciated or well-understood."

—Andrew Lo

"Financial crises are an unfortunate but necessary consequence of modern capitalism."

—Andrew Lo

"Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality."

—Andrew Lo

"In an insane world, the person who is rational has a problem. Money is as addictive as cocaine."

—Andrew Lo