Recent failures of important fish stocks give mathematical models a poor re
putation as tools for fishery management. This paper examines the role of m
odels in fish stock assessment and identifies reasons why they can fail. St
arting with laws of arithmetic, models attempt to relate observed data to u
nknown quantities, such as the stock biomass and abundance. Typically, the
number of unknowns greatly exceeds the number of observations, and models m
ust impose hypothetical constraints to give useful estimates. We use the wo
rd "fishmetic" (rhymes with arithmetic) to represent uncertainty in the con
version of arithmetic to practical fishery models. Arbitrary assumptions ca
nnot be avoided, even though different choices can greatly influence the ou
tcome of the analysis. We compare the modeling process in fisheries with th
at in other sciences. World literature also offers useful analogies. Potent
ial reasons for failure suggest possible improvements to the application of
fishery models. We recommend that modelers remain skeptical, expand their
knowledge base, apply common sense, and implement robust strategies for fis
hery management. Particularly creative thought must be applied to the probl
em of translating scientific knowledge into management practice. Comparison
s between fish stocks and financial stocks illustrate some possibilities.