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Economists versus Strategists

Posted By Barry Ritholtz On August 6, 2003 @ 10:34 am In Finance | Comments Disabled

True story:

I get a call from an institutional client of the firm; Runs a bunch-o-money in Europe. He notes that a lot of my recent “Big Picture” [1] commentary has been “economic in nature lately.”

“Well, thats where the action is at this phase of the cycle” I say. GDP, ISM, Manufacturing are all starting to show feeble signs of life.”

He wants to know if I am an economist.

I tell him “No, I’m a Strategist.”

“Whats the difference?” he asks.

I had to mull over that over for a while.

“A Strategist,” I tell him, “Is someone who is wrong about the future. An economist, on the other hand, is someone who is wrong about the past.”

He laughs it off. Too bad its sad, but true . . .

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URL to article: http://www.ritholtz.com/blog/2003/08/economists-versus-strategists/

URLs in this post:

[1] “Big Picture”: http://bigpicture.typepad.com/comments/August 4 2003.doc

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