Top 10 Douglas W. Hubbard Quotes (2024 Update)

Douglas W. Hubbard Quote: “Essentially, all models are wrong, but some are useful.”

1. “Essentially, all models are wrong, but some are useful.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “A problem well stated is a problem half solved.”

2. “A problem well stated is a problem half solved.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “It is better to be approximately right than to be precisely wrong. – Warren Buffett.”

3. “It is better to be approximately right than to be precisely wrong. – Warren Buffett.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Although this may seem a paradox, all exact science is based on the idea of approximation. If a man tells you he knows a thing exactly, then you can be safe in inferring that you are speaking to an inexact man. – Bertrand Russell.”

4. “Although this may seem a paradox, all exact science is based on the idea of approximation. If a man tells you he knows a thing exactly, then you can be safe in inferring that you are speaking to an inexact man. – Bertrand Russell.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Myth: When you have a lot of uncertainty, you need a lot of data to tell you something useful. Fact: If you have a lot of uncertainty now, you don’t need much data to reduce uncertainty significantly. When you have a lot of certainty already, then you need a lot of data to reduce uncertainty significantly. In other words – if you know almost nothing, almost anything will tell you something.”

5. “Myth: When you have a lot of uncertainty, you need a lot of data to tell you something useful. Fact: If you have a lot of uncertainty now, you don’t need much data to reduce uncertainty significantly. When you have a lot of certainty already, then you need a lot of data to reduce uncertainty significantly. In other words – if you know almost nothing, almost anything will tell you something.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Measurement: A quantitatively expressed reduction of uncertainty based on one or more observations.”

6. “Measurement: A quantitatively expressed reduction of uncertainty based on one or more observations.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Instead of being overwhelmed by the apparent uncertainty in such a problem, start to ask what things about it you do know.”

7. “Instead of being overwhelmed by the apparent uncertainty in such a problem, start to ask what things about it you do know.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Rule of Five There is a 93.75% chance that the median of a population is between the smallest and largest values in any random sample of five from that population.”

8. “Rule of Five There is a 93.75% chance that the median of a population is between the smallest and largest values in any random sample of five from that population.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Two good indicators of revealed preferences are things the people tend to value a lot: time and money. If you look at how they spend their time and how they spend their money, you can infer quite a lot about their real preferences.”

9. “Two good indicators of revealed preferences are things the people tend to value a lot: time and money. If you look at how they spend their time and how they spend their money, you can infer quite a lot about their real preferences.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Understanding how to measure uncertainty is key to measuring risk. Understanding risk in a quantitative sense is key to understanding how to compute the value of information. Understanding the value of information tells us what to measure and about how much effort we should put into measuring it.”

10. “Understanding how to measure uncertainty is key to measuring risk. Understanding risk in a quantitative sense is key to understanding how to compute the value of information. Understanding the value of information tells us what to measure and about how much effort we should put into measuring it.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Success is a function of persistence and doggedness and the willingness to work hard for twenty-two minutes to make sense of something that most people would give up on after thirty seconds.”

11. “Success is a function of persistence and doggedness and the willingness to work hard for twenty-two minutes to make sense of something that most people would give up on after thirty seconds.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “The fact is that the preference for ignorance over even marginal reductions in ignorance is never the moral high ground.”

12. “The fact is that the preference for ignorance over even marginal reductions in ignorance is never the moral high ground.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “If you know almost nothing, almost anything will tell you something.”

13. “If you know almost nothing, almost anything will tell you something.”

— Douglas W. Hubbard

Douglas W. Hubbard Quote: “Perhaps the biggest misconception some managers may run into is the belief that correlation proves causation. The fact that one variable is correlated to another does not necessarily mean that one variable causes the other. If church donations and liquor sales are correlated, it is not because of some collusion between clergy and the liquor industry. It is because both are affected by how well the economy is doing.”

14. “Perhaps the biggest misconception some managers may run into is the belief that correlation proves causation. The fact that one variable is correlated to another does not necessarily mean that one variable causes the other. If church donations and liquor sales are correlated, it is not because of some collusion between clergy and the liquor industry. It is because both are affected by how well the economy is doing.”

— Douglas W. Hubbard

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