15 Quotes on Quantitative Banking That

Modern Bankers Should Understand

We are big fans of data, but recognize that analysis, and presentation of analysis, can
lead you astray. Here are 15 (approximately) of our favorite quotes and maxims that we
try to keep in mind every day in order to be more effective at banking. Hopefully, this will
remind you of old quotes while introducing you to new ones, all the while forcing you to
look at the world a little bit differently, and maybe, just a little more intelligently. These
concepts are good to keep in mind no matter if you are on the line, in management or
have no background in math.

“In God we trust. All others must bring data.” Why? Because “without data, you’re just
another person with an opinion.” … W. Edwards Deming

“Say you were standing with one foot in the oven and one foot in an ice bucket.
According to the percentage people, you should be perfectly comfortable.” …Bobby
Bragan

"An approximate answer to the right problem is worth a good deal more than an exact
answer to an approximate problem." … John Tukey

 
 

“All models are wrong, but some are useful.” … George E.P. Box

“It is easy to lie with statistics, but it is also easier to lie without them.” … Frederick
Mosteller

“The perfect is the enemy of the good” … Voltaire

 
"To find out what happens when you change something, it is necessary to change it.” …
Box, Hunter, and Hunter, Statistics for Experimenters

"He who loves practice without theory is like the sailor who boards a ship without a
rudder and compass and never knows where he may be cast." … Leonardo da Vinci

“If I can’t picture it, I can’t understand it.” …Albert Einstein

"If you think that statistics has nothing to say about what you do or how you could do it
better, then you are either wrong or in need of a more interesting job." … Stephen Senn,
Dicing with Death: Chance, Risk, and Health

“There are three types of bankers in the industry, those that use math, and those that
don’t.” …Unknown

Submitted by Chris Nichols on October 09, 2017