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  Quotations - Invest  
[Quote No.33774] Need Area: Money > Invest
"Concern should drive us into action and not into a depression!" - Pythagoras
(582 B.C. - 497 B.C.)
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[Quote No.33776] Need Area: Money > Invest
"There is nothing natural in the markets [at present, in 2010]. Everything is being manipulated by the government [with Keynesian fiscal and monetary policy]... The government is now in the business of giving bad advice. ...By holding interest rates at zero [or below the inflation rate], the government is basically tricking the population into going long on just about every kind of security except cash, at the price of almost certainly not getting an adequate return for the risks they are running. People can't stand earning 0% on their money, so the government [with this monetary policy] is forcing everyone in the investing public to speculate." - Seth Klarman
He is considered one of the best value share investors in the world and is president of the Baupost Group, an investment firm in Boston that manages $22 billion. His three private partnerships have returned an annual average of around 19% since inception in 1983óand nearly 17% annually over the past decade, as stocks went nowhere. Quoted in 'The Wall Street Journal', May 22, 2010.
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[Quote No.33777] Need Area: Money > Invest
"The markets have clearly put in a short term bottom after the April to June correction. Whether this short term bottom will turn into a more pronounced intermediate bottom that leads to a multi week to multi month rally is too soon to tell. That said, what the markets have going against them this time around that they did not have to contend with in 2009 is a decline in the leading economic indicators (LEIs) that are forecasting lower economic growth ahead, something the market is likely discounting now. Until the LEIs bottom we are likely in a subpar stock market performance environment in which risky assets and the cyclical sectors of the market are likely to underperform defensive sectors and assets. When LEIs Are Rising 'Buy the Dips,' When the LEIs Are Falling 'Sell the Rips'. Given that both the stock market and leading economic indicators (LEIs) discount future economic events it is not surprising to see that the relationship between the two is quite strong. For this reason, when the LEIs roll over investors should pay attention, and now is the time to listen as LEIs are peaking. The Economic Cycle Research Institutes (ECRI) Weekly Leading Index (WLI) has been falling for quite some time, and its growth rate peaked in advance of the S&P 500ís year-over-year (YOY) rate of change and is forecasting flat market returns for the S&P 500 from its year ago levels. Given that the S&P 500 was trading around 950 a year ago, the present decline that began in April may not be over. A decline from present levels to 950 on the S&P 500 would lead to a 15% decline, clearly something to avoid." - Chris Puplava
Co-Manager of PFS Group's Precious Metals Managed Account, Energy Managed Account, and Aggressive Growth Managed Account. Quoted June 16, 2010.
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[Quote No.33778] Need Area: Money > Invest
"[Markets are tricky things. They can be 'spooked'. For that reason, they need protecting if they are to work efficiently and consistently...] The [U.S. Government's] Working Group [on Financial Markets - the secretary of the treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission - sometimes called the plunge protection team]'s main goal, officials say, would be to keep the markets operating in the event of a sudden, stomach-churning plunge in stock prices [like the one day 20% stock market fall in 1987] - and to prevent a panicky run on banks, brokerage firms and mutual funds. Officials worry that if investors all tried to head for the exit at the same time, there wouldn't be enough room - or in financial terms, liquidity - for them all to get through. In that event, the smoothly running global financial machine would begin to lock up. This sort of liquidity crisis could imperil even healthy financial institutions that are temporarily short of cash or tradable assets such as U.S. Treasury securities. And worries about the financial strength of a major trader could cascade and cause other players to stop making payments to one another, in which case the system would seize up like an engine without oil. Even a temporary loss of liquidity would intensify financial pressure on already stressed institutions." - Brett D. Fromson
Staff Writer - 'The Washington Post', Sunday, February 23, 1997.
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[Quote No.33779] Need Area: Money > Invest
"[When things are very much worse than a recession's gradual fall in share prices there is the...] Plunge Protection Team: It is 2 o'clock on a hypothetical Monday afternoon, and the Dow Jones industrial average has plummeted 664 points, on top of a 847-point slide the previous week. The chairman of the New York Stock Exchange has called the White House chief of staff and asked permission to close the world's most important stock market. By law, only the president can authorize a shutdown of U.S. financial markets. In the Oval Office, the president confers with the members of his Working Group on Financial Markets -- the secretary of the treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The officials conclude that a presidential order to close the NYSE would only add to the market's panic, so they decide to ride out the storm. The Working Group struggles to keep financial markets open so that trading can continue. By the closing bell, a modest rally is underway. This is one of the nightmare scenarios that Washington's top financial policymakers have reviewed since Oct. 19, 1987, when the Dow Jones industrial average dropped 508 points, or 22.6 percent, in the biggest one-day loss in history. Like defense planners in the Cold War period, central bankers and financial regulators have been thinking carefully about how they would respond to the unthinkable. An outline of the government's plans emerges in interviews with more than a dozen current and former officials who have participated in meetings of the Working Group. The group, established after the 1987 stock drop, is the government's high-level forum for discussion of financial policy. Just last Tuesday afternoon, for example, Working Group officials gathered in a conference room at the Treasury Building. They discussed, among other topics, the risks of a stock market decline in the wake of the Dow's sudden surge past 7000, according to sources familiar with the meeting. The officials pondered whether prices in the stock market reflect a greater appetite for risk-taking by investors. Some expressed concern that the higher the stock market goes, the closer it could be to a correction, according to the sources. These quiet meetings of the Working Group are the financial world's equivalent of the war room. The officials gather regularly to discuss options and review crisis scenarios because they know that the government's reaction to a crumbling stock market would have a critical impact on investor confidence around the world. 'The government has a real role to play to make a 1987-style sudden market break less likely. That is an issue we all spent a lot of time thinking about and planning for,' said a former government official who attended Working Group meetings. 'You go through lots of fire drills and scenarios. You make sure you have thought ahead of time of what kind of information you will need and what you have the legal authority to do.' In the event of a financial crisis, each federal agency with a seat at the table of the Working Group has a confidential plan. At the SEC, for example, the plan is called the 'red book' because of the color of its cover. It is officially known as the Executive Directory for Market Contingencies. The major U.S. stock markets have copies of the commission's plan as well as the CFTC's. Going to Plan A - The red book is intended to make sure that no matter what the time of day, SEC officials can reach their opposite numbers at other agencies of the U.S. government, with foreign governments, at the various stock, bond and commodity futures and options exchanges, as well as executives of the many payment and settlement systems underlying the financial markets. 'We all have everybody's home and weekend numbers,' said a former Working Group staff member. The Working Group's main goal, officials say, would be to keep the markets operating in the event of a sudden, stomach-churning plunge in stock prices -- and to prevent a panicky run on banks, brokerage firms and mutual funds. Officials worry that if investors all tried to head for the exit at the same time, there wouldn't be enough room -- or in financial terms, liquidity -- for them all to get through. In that event, the smoothly running global financial machine would begin to lock up. This sort of liquidity crisis could imperil even healthy financial institutions that are temporarily short of cash or tradable assets such as U.S. Treasury securities. And worries about the financial strength of a major trader could cascade and cause other players to stop making payments to one another, in which case the system would seize up like an engine without oil. Even a temporary loss of liquidity would intensify financial pressure on already stressed institutions. In the 1987 crash, government officials worked feverishly -- and, ultimately, successfully -- to avoid precisely that bleak scenario. Officials say they are confident that the conditions that led to the slide a decade ago are not present today. They cite low interest rates and a healthy economy as key differences between now and 1987. Officials also point to SEC-approved 'circuit breakers' that were introduced after 1987 to give investors timeouts to calm down. Under the SEC's rules, a drop of 350 points in the Dow would bring a 30-minute halt in NYSE trading. If the Dow declined another 200 points, trading would cease for one hour. No additional circuit breakers would operate that day, but a new set would apply the next trading day. Despite these precautions, today's high stock market worries officials such as Fed Chairman Alan Greenspan, who in a speech in early December raised questions about 'irrational exuberance' in the markets. Because the market declined following Greenspan's speech, government officials have become even more reluctant to comment on these issues for fear of triggering the very event they wish to forestall, according to policymakers. A Brewing Concern - Greenspan had expressed similar thoughts a year ago at a confidential meeting of the Working Group. Treasury Secretary Robert E. Rubin and SEC Chairman Arthur Levitt Jr. also are concerned about the stock market's vulnerability, according to sources familiar with their views. The four principals of the group -- Rubin, Greenspan, Levitt and CFTC Chairwoman Brooksley Born -- meet every few months, and senior staff get together more often to work on specific agenda items. In addition to the permanent members, the head of the President's National Economic Council, the chairman of his Council of Economic Advisers, the comptroller of the currency and the president of the New York Federal Reserve Bank frequently attend Working Group sessions. The Working Group has studied a variety of possible threats to the financial system that could ensue if stock prices go into free fall. They include: a panicky flight by mutual fund shareholders; chaos in the global payment, settlement and clearance systems; and a breakdown in international coordination among central banks, finance ministries and securities regulators, the sources said. As chairman of the Working Group, Rubin would have overall responsibility for the U.S. response, but Greenspan probably would be the government's most important player. 'In a crisis, a lot of deference is paid to the Fed,' a former member of the Working Group said. 'They are the only ones with any money.' 'The first and most important question for the central bank is always, 'Do you have credit problems?' ' said E. Gerald Corrigan, former president of the New York Federal Reserve Bank and now an executive at Goldman Sachs & Co. 'The minute some bank or investment firm says, 'Hey, maybe I'm not going to get paid -- maybe I ought to wait before I transfer these securities or make that payment,' then things get tricky. The central bank has to sense that before it happens and take steps to prevent it.' 1987: A Case Study - The Fed's reaction to the 1987 market slide, which Corrigan helped oversee, is a case study in how to do it right. The Fed kept the markets going by flooding the banking system with reserves and stating publicly that it was ready to extend loans to important financial institutions, if needed. The Fed's actions in October 1987 read like a financial war story. The morning after the 508-point drop on Black Monday, the market began another sickening slide. Corrigan and other Fed officials strongly discouraged New York Stock Exchange Chairman John Phelan from requesting government permission to close the market. Phelan was concerned that if the market continued to erode, the capital of the NYSE member firms would disappear. Corrigan feared a shutdown would cause more panic. 'It was extraordinarily difficult around 11 o'clock,' Corrigan recalled. 'The market was at one point down another 250 points, and that's when the debate with Phelan took place.' Simultaneously, Corrigan and other central bank officials spoke privately with the big banks and urged them not to call loans they had made to Wall Street houses, which were collateralized by securities that could no longer be traded and whose value was in question. A final critical moment came that day when the Fed decided not to shut down a subsidiary of the Continental Illinois Bank that was the largest lender to the commodity futures and options trading houses in Chicago. The subsidiary had run out of capital to provide financing to that market. 'Closing it would have drained all the liquidity out of the futures and options markets,' said one former top Fed official involved in the decision. Investors use stock futures and options to hedge positions in the underlying stock market. Recognizing the crucial role of banks if another financial crisis should strike, the Office of the Comptroller recently conducted an internal study of what damage a market decline would inflict on U.S. banks. The OCC declined to discuss the study or its conclusions. At the SEC, one big worry is how to cope with an international financial crisis that begins abroad but quickly rolls into U.S. markets. 'We worry about a U.S. brokerage firm that is dealing with a Japanese insurance company, where we don't know how they are run or regulated,' a SEC source said. To improve its ability to react in a crisis, the SEC and the Fed have begun joint inspections with their British counterparts of U.S. and British financial institutions with global reach. The most drastic -- and probably unlikely -- move the SEC could take in a crisis would be to propose a market shutdown to the president. That would require a majority vote of the commission. If a quorum couldn't be mustered, the chairman could designate himself 'duty officer' and go to the president or his staff. 'Closing the market is, of course, the last thing the commission wants to do,' said a source familiar with the SEC's planning. 'During a time when people are extremely worried about their investments, you are cutting them off from taking any action. . . . The philosophy of the commission is that markets should stay open.' Just the Facts - Gathering accurate information would be the first order of business for federal regulators. 'Intelligence gathering is critical,' Corrigan said. 'It depends on the willingness of major market participants to volunteer problems when they see them and to respond honestly to central bank questions.' The SEC, CFTC and Treasury have market surveillance units. They monitor not only the overall markets, but also the cash positions of all the major stock and commodity brokerages and large traders. The regulators also are hooked into the 'hoot-and-holler' system used to notify participants in all financial markets of trading halts. The hoot-and-holler system alerts traders and regulators when a halt is coming. Relying on Quick Action - In the event of a sharp market decline, the SEC and CFTC would be in constant contact with brokerage and commodity firms to spot early signs of financial failure. If they concluded that a firm was going down, they would try to move customer positions from that firm to solvent institutions. At least this team of crisis managers already has been through the Wall Street wars. Greenspan was Fed chairman in October 1987. Rubin has served as the co-head of investment bank Goldman Sachs & Co. Levitt has been both a Wall Street executive and president of the American Stock Exchange. 'I think the government is in good shape to handle a crisis,' said Scott Pardee, senior adviser to Yamaichi International (America) Inc., a Japanese brokerage subsidiary, and former senior vice president at the New York Fed. 'A lot depends on personal relationships. You have a number of seasoned people who have gone through a number of crises. So if something happens, things can be handled quickly on the phone without having to introduce people to each other.' Consider what happened at 11:30 p.m. Dec. 5, when Greenspan made his comments about irrational exuberance. Alton Harvey, head of the SEC's Market Watch unit, was called at home by officials of Globex, a futures trading system owned by the Chicago Mercantile Exchange. U.S. stock futures trading in Asia had fallen to their 12-point limit, they said. Harvey immediately alerted his direct superior as well as his opposite number at the CFTC. More senior SEC and CFTC officials were informed as well. But there wasn't much to be done until the morning. So Harvey went back to sleep. REACTING TO A PLUNGE - After the market crashed on Oct. 29, 1929: * The Federal Reserve provided loans and credit to financial systems. * President Hoover met with business, labor and farm organizations to encourage capital spending and discourage layoffs; he also promised higher tariffs. * Federal income taxes were reduced by 1 percent by the end of the year. After the market dropped 22.6 percent on Oct. 19, 1987, the Federal Reserve: * Encouraged the New York Stock Exchange to stay open. * Encouraged big commercial banks not to pull loans to major Wall Street houses. * Kept open a subsidiary of Continental Illinois Bank that was the largest lender to the commodity trading houses in Chicago. * Flooded the banking system with money to meet financial obligations. * Announced it was ready to extend loans to important financial institutions. What would happen today during a stock drop would depend on the particulars. Here are current guidelines: * If the Dow Jones industrial average falls 350 points within a trading day, NYSE trading would be halted for 30 minutes. * If the DJIA falls another 200 points that day, trading would stop for one hour. * If the market declines more than 550 points in a day, no further restrictions would be applied. [SOURCE: The New York Stock Exchange, 'The Crash and the Aftermath' by Barrie A. Wigmore] " - Brett D. Fromson
Staff Writer - The Washington Post - Sunday, February 23, 1997. © Copyright 1997 The Washington Post Company
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[Quote No.33780] Need Area: Money > Invest
"Iíve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities [value investors] with sums reaching into the billions. In short, fateís distribution of long straws is wildly capricious [and while you can disagree with its 'fairness' for ever, it is intelligent self-interest to make the most of it, for the good of those you love and then for charity]." - Warren Buffett
Arguably the most successful long-term share investors ever and one of the richest, self-made men in the world. Quoted in 'Bloomberg', June 16, 2010.
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[Quote No.33783] Need Area: Money > Invest
"Common stocks have one important investment characteristic and one important speculative characteristic. Their investment value and average market price tend to increase irregularly but persistently over the decades, as their net worth builds up through the reinvestment of undistributed earnings. However, most of the time common stocks are subject to irrational and excessive price fluctuations in both directions, as the consequence of the ingrained tendency of most people to speculate or gamble.[..and to be irrationally influenced by fear and greed. Intelligent investors therefore will strive to stay rational by following these three principles to improve their investment performance: firstly, think of stocks in the same way that a business person would think of a business; secondly, do not follow but instead try to take advantage of the manic depressive Mr. Market, and; thirdly, always look for a margin of safety.]" - Benjamin Graham
Highly successful investor and teacher, considered the 'father' of stock analysis and 'value' investing.
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[Quote No.33784] Need Area: Money > Invest
"Most people spend more time planning a two-week vacation [and buying a car] than they do retirement planning [and buying a car-priced amount of shares]. Is it any wonder then that they are disappointed by the result?" - Seymour@imagi-natives.com

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[Quote No.33785] Need Area: Money > Invest
"An incorrect forecast by an economist or a broker is about as common as a sunny day in a desert or a rainy day in the tropics." - Seymour@imagi-natives.com

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[Quote No.33786] Need Area: Money > Invest
"To live with fear and not be afraid [or irrational] is the final test of maturity [on the road to becoming a successful value investor]." - Edward Weeks

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[Quote No.33790] Need Area: Money > Invest
"If you search worldwide for bargains, you will find more bargains. [But you have to be aware of new risks - like currency risk, accounting risk, sovereign risk, etc]" - John Templeton

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[Quote No.33791] Need Area: Money > Invest
"In searching for bargains you have to be able to tell a wounded eagle from a turkey." - Lewis Walker
Walker Capital Management Corporation.
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[Quote No.33795] Need Area: Money > Invest
"Sometimes you hear about there being concerns about market volatility on quadruple witching day. This is the day on which contracts for stock index futures, stock index options, stock options and single stock futures all expire." - Seymour@imagi-natives.com

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[Quote No.33796] Need Area: Money > Invest
"We have never paid any attention to ratings for bonds at Berkshire. We don't think we should farm out, outsource investment judgment." - Warren E. Buffett

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[Quote No.33797] Need Area: Money > Invest
"Rising prices are a narcotic that affect the reasoning power...[of investors and the market. They become irrational through extrapolating prices further up when they should rationally be adjusting them down to their long-term mean!]" - Warren E. Buffett

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[Quote No.33815] Need Area: Money > Invest
"Learn to say 'no' to the good so you can say 'yes' to the best." - John C. Maxwell

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[Quote No.33818] Need Area: Money > Invest
"Commerce flourishes by circumstances, precarious, transitory, contingent, almost as the winds and waves that bring it to our shores." - Charles Caleb Colton

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[Quote No.33846] Need Area: Money > Invest
"In any contest between power and patience, bet on patience!" - W. B. Prescott

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[Quote No.33850] Need Area: Money > Invest
"Fair flowers are not left standing along the wayside long." - German Proverb

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[Quote No.33856] Need Area: Money > Invest
"Things are not always what they seem; the first appearance deceives many; the intelligence of a few perceives what has been carefully hidden." - Phaedrus

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[Quote No.33869] Need Area: Money > Invest
"Whatever has overstepped its due bounds is always in a state of instability." - Seneca

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[Quote No.33889] Need Area: Money > Invest
"The lesson that I have learned is that it isn't reasonable to be agnostic about the big picture. For years I had believed that I didn't need to take a view on the market or the economy because I considered myself to be a 'bottom-up' investor. Having my eyes open to the big picture doesn't mean abandoning stock picking, but it does mean managing the long-short exposure ratio more actively, worrying about what may be brewing in certain industries, and when appropriate, buying some just-in-case insurance for foreseeable macro risks even if they are hard to time." - David Einhorn
Value Investing Congress, 2010.
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[Quote No.33903] Need Area: Money > Invest
"[The danger in investing is becoming 'irrational'.] The key here, though, is in learning to recognize the cognitive biases that have handicapped your investing in the first place. I call them my 'Eleven Reasons Why What You Think is Probably Wrong.' Learning to recognize these things can save you a ton of heartache, but only if you're honest with yourself. The eleven emotional hurdles that could be killing your portfolio: 1--The Bandwagon Effect: This is the one that causes the most pain in a bubble. It's the idea that it's okay to follow the herd because so many other people believe in it. It's irrational because it places its faith in the safety of numbers, while completely disregarding the fundamentals. Without it, a bubble is impossible. 2--Loss Aversion: People to have a strong preference for avoiding losses over acquiring gains. It's the fear that puts them on the sidelines to stay. 3--Disposition Effect: This is the tendency for investors to lock in gains and ride out losses. It prompts the sale of shares that are rising, while at the same time keeping investors tied to losers for far too long. It's closely tied to loss aversion, since it's the fear of loss that dominates the thinking. 4--Outcome Bias: Judging a decision by its outcome rather than the quality of the decision at the time that it was made. This is what makes investors completely disregard a proper decision if it turns out to be a loss. 5--Sunken Costs Effect: Treating money that has already been spent as more valuable than money that may be spent in the future. It's what helps to build up losses because the investor believes that by selling at a loss he is wasting money. That same money could be put to use elsewhere. 6--Recency Bias: Weighting recent data more heavily than earlier experiences. It's what freezes investors ó especially after a series of losses ó even though there may be a much longer string of successes in the past. 7--Anchoring: This is the tendency for people to rely too heavily on readily available information when making a decision. Investors often base their decisions on information that may be faulty. 8--Belief in the Law of Small Numbers: This is when investors base their conclusions on a slice of data that is too small. It's the equivalent of making mountains out of molehills, and it blurs reality. 9--Endowment Effect: People tend to value something more once they own it. As in housing, people tend to overvalue what belongs to them. Of course, this only blinds to them to the real value. 10--Disconfirmation Bias: This makes people critical of information which contradicts their beliefs while uncritically accepting information that is in line with them. In short, it's a trap whereby people believe what they want to believe. 11--Post Purchase Rationalization: This when investors persuade themselves through rational argument that a purchase was a good value. Of course, if a decision needs to be rationalized after the fact... it is probably wrong. Individually, of course, all of these biases are dangerous. Taken together, they are the stuff that bubbles [and poor investing] are made of. Guarding against them in the future may be the one of the best investment decisions you'll ever make." - Steve Christ
Editor, 'Wealth Daily'.
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[Quote No.33921] Need Area: Money > Invest
"A man [or woman] who cannot tolerate small [investment] misfortunes can never accomplish great things." - Chinese Proverb

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[Quote No.33932] Need Area: Money > Invest
"We are highly opportunistic... I will be buying what other people are selling. I will be buying what is loathed and despised [and highly undervalued]." - Seth Klarman
One of the world's best value investors.
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[Quote No.33934] Need Area: Money > Invest
"In fact, the whole Keynesian effort to support aggregate demand and 'bring forward' demand [i.e. rob from future demand] through tax credits and handouts has been used the world over. And its effects are the same the world over - a temporary spike in economic activity giving the illusion of vitality...and then a crash to earth." - Dan Denning
Editor, 'The Daily Reckoning Australia', 24th June, 2010.
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[Quote No.33937] Need Area: Money > Invest
"Time is the enemy of the poor business and the friend of the great business. If you have a business thatís earning 20%-25% on equity, time is your friend. But time is your enemy if your money is in a low return business." - Warren Buffett
Highly successful value investor and one of the richest men in the world. Said at the 1998 Berkshire Annual Meeting.
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[Quote No.33938] Need Area: Money > Invest
"[Diversification may be di-worse-ification:] As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits oneís [market or company] risk by spreading too much between enterprises about which one knows little and has no reason for special confidence... Oneís knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence." - John Maynard Keynes
Famous economist and quite successful fund manager. Quoted from a letter to F. C. Scott on August 15, 1934.
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[Quote No.33950] Need Area: Money > Invest
"Danger breeds best on too much confidence." - Pierre Corneille

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[Quote No.33951] Need Area: Money > Invest
"A fool and his money are soon parted." - Proverb

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[Quote No.33955] Need Area: Money > Invest
"When Charlie [Munger - lawyer, very successful share investor, business partner of Warren Buffett] thinks about things, he starts by inverting. To understand how to be happy in life, Charlie will study how to make life miserable; to examine how business become big and strong, Charlie first studies how businesses decline and die; most people care more about how to succeed in the stock market, Charlie is most concerned about why most have failed in the stock market. [He believes you should worry about the downside and protect yourself from it and then the upside will take care of itself.]" - Li Lu
Highly successful fund manager that follows Charlie Munger's style. He does this so well that Charlie Munger has given him a lot of his money to manage.
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[Quote No.33961] Need Area: Money > Invest
"We use everything that we know works. Macro economics, technicals, fundamentals, valuation, quantitative Ė it all goes into the mix. That's our secret sauce. I don't know why other people limit themselves to just one discipline Ė the value guys never look at technicals, the fundamental analysts ignore macro cycles. It creates blind spots in their analyses. " - Barry Ritholtz
CEO, FusionIQ Fund Management, which has a bias towards short-term trading rather than long-term holding periods for their investments.
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[Quote No.33969] Need Area: Money > Invest
"[Whether a bank will extend a company's loans and help them through difficulties depends on many things. While the following is humourous, there is an element of truth:] If you owe your banker a thousand pounds, you are at his mercy. If you owe your banker a million pounds, he is at your mercy." - John Maynard Keynes
Famous economist.
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[Quote No.33970] Need Area: Money > Invest
"Successful investing is anticipating the anticipations of others." - John Maynard Keynes
Famous economist and successful fund manager. Quoted in 'Isms' (2006) by Gregory Bergman, p.105.
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[Quote No.33982] Need Area: Money > Invest
"It is the part of a wise man to keep himself today for tomorrow, and not venture all his eggs in one basket." - Miguel de Cervantes

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[Quote No.33992] Need Area: Money > Invest
"A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate..." - Paul Volcker and Toyoo Gyohten
'Changing Fortunes: The World's Money and the Threat to American Leadership', page 232.
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[Quote No.33994] Need Area: Money > Invest
"[Market busts and] Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." - John Stuart Mill
Famous philosopher and economist.
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[Quote No.33995] Need Area: Money > Invest
"[If you feel you don't need to save and invest carefully yourself for your old age, because you believe the government will look after you remember this...] We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power." - Alan Greenspan
Chairman of the Federal Reserve US Central Bank, appearing before the Senate Banking Committee on February 15, 2005, in response to Democratic Senator Jack Reed of Rhode Island on the topic of funding Social Security.
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[Quote No.33997] Need Area: Money > Invest
"I can't remember the exact quote but when I used to trade and Mr. Volcker was Fed chairman, he said something like 'gold is my enemy, I'm always watching what gold is doing', we need to think why he made a statement like that. If you're a central banker or one of the congressmen or senators, watch what gold is doing because [if it rises] this is a no-confidence vote in fiscal and dollar policy." - Rick Santelli
CNBC
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[Quote No.34001] Need Area: Money > Invest
"The opinion of ten thousand men is of no value if none of them know anything about the subject!" - Marcus Aurelius

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[Quote No.34004] Need Area: Money > Invest
"The [fiat currency] paper system being founded on public confidence and having of itself no intrinsic value, it is liable to great and sudden fluctuations, thereby rendering property insecure and the wages of labor unsteady and uncertain. The corporations which create the paper money can not be relied upon to keep the circulating medium uniform in amount. In times of prosperity, when confidence is high, they are tempted by the prospect of gain or by the influence of those who hope to profit by it to extend their issues of paper [money supply] beyond the bounds of discretion and the reasonable demands of business; and when these issues have been pushed on from day to day, until public confidence is at length shaken, then a reaction takes place, and they immediately withdraw the credits they have given, suddenly curtail their issues, and produce an unexpected and ruinous contraction of the circulating medium, which is felt by the whole community. The banks by this means save themselves, and the mischievous consequences of their imprudence or cupidity are visited upon the public. Nor does the evil stop here. These ebbs and flows in the currency and these indiscreet extensions of credit naturally engender a spirit of speculation injurious to the habits and character of the people. We have already seen its effects in the wild spirit of speculation in the public lands and various kinds of stock which within the last year or two seized upon such a multitude of our citizens and threatened to pervade all classes of society and to withdraw their attention from the sober pursuits of honest industry. It is not by encouraging this spirit that we shall best preserve public virtue and promote the true interests of our country; but if your currency continues as exclusively paper as it now is, it will foster this eager desire to amass wealth without labor; it will multiply the number of dependents on bank accommodations and bank favors; the temptation to obtain money at any sacrifice will become stronger and stronger, and inevitably lead to corruption, which will find its way into your public councils and destroy at no distant day the purity of your Government [and your country's productive economy]." - Andrew Jackson
US President, in his farewell address of March 4, 1837.
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[Quote No.34007] Need Area: Money > Invest
"The test of a first-rate intelligence [and first-rate investor] is the ability to hold two opposed ideas in the mind at the same time and still retain the ability to function." - F. Scott Fitzgerald

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[Quote No.34008] Need Area: Money > Invest
"Governments lie; bankers lie; even auditors sometimes lie." - Lord Rees Mogg
Economist and former editor of 'The Times'.
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[Quote No.34011] Need Area: Money > Invest
"It is not the strongest of the species [of investor] that survives, nor the most intelligent, but the one most responsive to change." - Charles Darwin

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[Quote No.34018] Need Area: Money > Invest
"The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive [market] panic and crash, driven by the ['smart money'] insiders having exited but the sucker outsiders hanging on hoping for a revivial, but finally giving up in the final collapse." - Charles P. Kindleberger
Quote from his highly regarded book, 'Manias, Panics, and Crashes: A History of Financial Crises'.
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[Quote No.34019] Need Area: Money > Invest
"The propensity to swindle grows parallel with the propensity to speculate during a boom... the implosion of an asset price bubble always leads to the discovery of frauds and swindles." - Charles P. Kindleberger
Economic historian.
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[Quote No.34020] Need Area: Money > Invest
"[All governments, politicians, bureaucrats and business-people should remember this:] Capital will always go where itís welcome and stay where itís well treated. Capital is not just money. Itís also talent and ideas. They, too, will go where theyíre welcome and stay where they are well treated." - Walter Wriston
Citibank CEO in the 1970s.
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[Quote No.34021] Need Area: Money > Invest
"An almost hysterical antagonism toward the gold standard is one issue which unites statists [those that believe in expensive, powerful, big governments] of all persuasions. They seem to sense - perhaps more clearly and subtly than many consistent defenders of laissez-faire - that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other. [Statist governments know that if restricted by the gold standard, they cannot inflate and debase the currency, and thereby defraud the savers in and creditors of the country, thereby truly limiting their fiscal generosity to their political allies for their political ends and demanding economic competence and accountability]." - Alan Greenspan
Economist and later Chairman of the U.S. Federal Reserve. Quote from his work, 'Gold and Economic Freedom', published in 1966.
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[Quote No.34025] Need Area: Money > Invest
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights." - Alan Greenspan
Economist and later Chairman of the U.S. Federal Reserve. Quoted in 1966.
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[Quote No.34029] Need Area: Money > Invest
"Where all think alike, no one thinks very much." - Walter Lippmann
(1889 - 1974)
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