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Nobel Laureate and GSB professor emeritus William Sharpe told an audience at Stanford that they shouldn’t place too much weight on what financial experts predict.

In a darkly funny discussion on the current financial crisis, Sharpe reminded the audience that “Financial people did what financial people do. They took a lot of risks so if things turned out well they got really rich and if things didn’t . . . you and I bailed them out.”

And to those who said we all should have seen it coming: “Everyone can spot a bubble . . . Afterwards.”

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Also on Stanford Knowledgebase:

  1. Temper Your Trust to Avoid Financial Rip-Offs
  2. Nobel Laureate Sharpe: There Are No Shortcuts in Investing
  3. As India Booms, Experts Discuss Improving Education

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