In finance, technical analysis is a security analysis discipline used for forecasting the direction of prices through the study of past market data, primarily price and volume. Behavioral economics and quantitative analysis use many of the same tools of technical analysis, which, being an aspect of active management, stands in contradiction to much of modern portfolio theory. The efficacy of both technical and fundamental analysis is disputed by efficient-market hypothesis which states that stock market prices are essentially unpredictable.
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“The axioms of physics translate the laws of ethics. Thus, “the whole is greater than its part;” “reaction is equal to action;” “the smallest weight may be made to lift the greatest, the difference of weight being compensated by time;” and many the like propositions, which have an ethical as well as physical sense. These propositions have a much more extensive and universal sense when applied to human life, than when confined to technical use.”
—Ralph Waldo Emerson (1803–1882)
“... the big courageous acts of life are those one never hears of and only suspects from having been through like experience. It takes real courage to do battle in the unspectacular task. We always listen for the applause of our co-workers. He is courageous who plods on, unlettered and unknown.... In the last analysis it is this courage, developing between man and his limitations, that brings success.”
—Alice Foote MacDougall (1867–1945)