Warren Buffett Quotes
It is better to be approximately right than to be precisely wrong.
There is a great tendency in politics and government operations to get extremely precise numbers because political opponents will always attack all numbers that do not support their positions. The result is that typically, so much time and money goes into trying to get precision, that by the time the numbers are good enough the opportunity to make the right policy decision will have passed. Much information that bears on an issue is never used because it is not precise enough while the precise information is not particularly relevant. See {619763} for a similar related quote.
Warren Buffet, Industrialist and Financier, Quoted By Rick Edelman, PBS March 8, 2008
Sourced by: Eigen's Political and Historical Quotations
Berelson had done a major compendium of research and found that the high quality studies with very good data were usually done in studies or programs that were not very important, while the most important areas were usually informed by poorer data and less rigid studies. As an example he gave the extensive data that the defense department then had on the relative physical fitness prowess of the marines verses the other services, but had little or no data as to whether the marine was a better fighter, had better judgment in crises, was more skilled with weapons system of the time etc. The Education Department had great data on the performance of students on mathematics tests but almost none on how to teach mathematics.
He is absolutely right, but unfortunately made this statement several years after he served as the Fed Chairman. He never made a statement like this when he and his colleagues made their policies based on their economic forecasting. Central bankers have generally felt that one of their jobs was to give the people confidence in the nation’s banking system and economy and the admission that much policy making was based on “coin toss” forecasting.
- Born: August 30, 1930
- Nationality: American
- Profession: Businessman, Investor, Philanthropist
Warren Edward Buffett is an American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of over US$100.6 billion as of April 2021, making him the world's seventh-wealthiest person.
