Quotes About Incomplete Information

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Quotes About Incomplete Information

Both poker and investing are games of incomplete information. You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.
— David Einhorn —

Isn't that wonderful? That feeling of not knowing too much about something ... Incomplete information ... Endless possibilities ... When you don't know much about something, it's the most exciting sensation.
-Kutsnetz in TALUS

— Erol Ozan

When you do a cartoon based on news headlines, you do it based on incomplete information.

— Ted Rall

The first is the result of a decision to act-to do something. This type of mistake is made with incomplete information, as it's impossible to have all the facts beforehand. This is to be encouraged. Fortune favors the bold. The second is the result of a decision of sloth-to not do something-wherein we refuse to change a bad situation out of fear despite having all the facts. This is how learning experiences become terminal punishments, bad relationships become bad marriages, and poor job choices become lifelong prison sentences.

— Timothy Ferriss

Of course, we knew that the official reports were sketchy, if not falsified. But, in terms of information theory, this is precisely where the problem lay: How were we to reconstruct reality from incomplete or false reports? It is not true that virtually all news in a totalitarian state is false. On the contrary, most news is completely correct, albeit tendentiously slanded; it is just that certain information is suppressed. One can adjust for the political slanting of the news, but there is virtually no way to fill in the omissions.

— Konrad Zuse

Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The time other investors spend delving into the last unanswered detail may cost them the chance to buy into situations at prices so low they offer a margin of safety despite the incomplete information

— Seth Klarman

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