David Einhorn Quotes
We never invent new reasons to continue with a position when the original reasons are no longer available.
Einhorn, David. Fooling Some of the People All of the Time: A Long Short (and Now Complete) Story. John Wiley & Sons, 2008, p. 32.
Although this quotation has been cited by many scholars, none has yet given a primary citation. As a result a few researchers question the attribution to Keynes and argue that the first primary source of this notion was the Nobel Laureate in Economics Paul Samuelson -- Quote {645739}. However, even Samuelson attributed this quotation to Keynes although he did not do so at this particualr interview.
See {627632} for an earlier advocy of change when circumstances warrant and {636175} for a modern view.
He had originally said he would only serve one term as UN Secretary General. He then decided to go for another term. The press accused him of flip flopping. See {619441} and {627632} for a similar view.
Most politicians would never do this. Ideologues rarely analyze their beliefs. Pragmatic politicians are fearful of being called a flip flopper with no core principles. However, some politicians follow this advice. For example, Abraham Lincoln and Franklin Delano Roosevelt were both among the rare politicians who would frequently change positions as they learned more. See John Maynard Keynes {619441} for a personal statement of this principle and {636175} for a modern view.
In politics, a person who flip flops is suspected of not having principles. In science, a person who does not flop flop is suspected of not being scientific. As new evidence amasses, the scientific method requires that the scientist chenges. The politician is often expected to hold to his principles regardless of new or contrary evidence.
The earliest expression of this idea was by the British Economist John Maynard Keynes -- Quotation {610150}
David M. Einhorn is an American investor and hedge fund manager. He is the founder and president of Greenlight Capital, a "long-short value-oriented hedge fund".