A Quote by Charlie Munger
I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit more money to support his spending, so at the peak of the internet bubble he was selling puts on internet stocks. He lost all of his money and his house and now works in a restaurant. It's not a smart thing for the country to legalize gambling [in the stock market] and make it very accessible.
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I need to make money, but I don't want to be another guy selling his McDonald's to the pop market.
There used to be this guy called Vinny who worked on the floor of the stock exchange, said one big investor who had observed the market for a long time. After the markets closed Vinny would get into his Cadillac and drive out to his big house in Long Island. Now there is the guy called Vladimir who gets into his jet and flies to his estate in Aspen for the weekend. I used to worry a little about Vinny. Now I worry a lot about Vladimir
I was working in financing. I was buying and selling stocks for a market-maker on the options floor at the Pacific Stock Exchange. He took me under his wing and was training me to take over his accounts. That's the career I had embarked on, at the time.
I'm still struggling with whether I might want to get off the Internet. More and more people I know have. Daniel Day Lewis doesn't do the Internet at all, and I noticed he had many more books open around his house.
If President Obama has his way, you won't recognize the government, the free market system, or, frankly, America as you once knew it. His admonitions and his audacious policy goals demonstrate very clear motives: equalize, discourage dissent, and become a nation of apologists.
Pick something you are interested in, and keep applying a business model that includes Internet Marketing to make it global, get thousands of leads and clients for free and make more sales. Remember you are building a business, as people make the internet appear to be push-button money, when in fact it is a medium to market your message!
John Kerry has promised to take this country back from the wealthy. Who better than the guy worth $700 million to take the country back? See, he knows how the wealthy think. He can spy on them at his country club, at his place in Palm Beach, at his house in the Hamptons. He's like a mole for the working man.
Finally, he knew the kind of loving that made two one and understood Jane was his world. His ocean, his country, his sun, his rain, his very heart.
President Clinton got it right in 1996 when he established a free-market-based approach to this new thing called the Internet, and the Internet economy we have is a result of his light-touch regulatory vision.
A man is known by the books he reads, by the company he keeps, by the praise he gives, by his dress, by his tastes, by his distastes, by the stories he tells, by his gait, by the notion of his eye, by the look of his house, of his chamber; for nothing on earth is solitary but every thing hath affinities infinite.
His face set in grim determination, Richard slogged ahead, his fingers reaching up to touch the tooth under his shirt. Loneliness, deeper than he had never known, sagged his shoulders. All his friends were lost to him. He knew now that his life was not his own. It belonged to his duty, to his task. He was the Seeker. Nothing more. Nothing less. Not his own man, but a pawn to be used by others. A tool, same as his sword, to help others, that they might have the life he had only glimpsed for a twinkling. He was no different from the dark things in the boundary. A bringer of death.
[Man] is the only animal who lives outside of himself, whose drive is in external things—property, houses, money, concepts of power. He lives in his cities and his factories, in his business and job and art. But having projected himself into these external complexities, he is them. His house, his automobile are a part of him and a large part of him. This is beautifully demonstrated by a thing doctors know—that when a man loses his possessions a very common result is sexual impotence.
In my opinion, the greatest misconception about the market is the idea that if you buy and hold stocks for long periods of time, you'll always make money. Let me give you some specific examples. Anyone who bought the stock market at any time between the 1896 low and the 1932 low would have lost money. In other words, there's a 36 year period in which a buy-and-hold strategy would have lost money. As a more modern example, anyone who bought the market at any time between the 1962 low and the 1974 low would have lost money.
My take on the whole dot-com bubble was that a lot of people who wanted to make a lot of money got too excited and hyped up the commercial aspects of the Internet prematurely. I think the vision of the Internet as a democratizing medium - as everyone's printing press - is real. We got distracted from that by the mass hallucinations of the bubble.
Friend of mine, a smart journalist, had his iPad stolen. He couldn't help that - the thief broke into his house. But his private, personal data wasn't stolen, exactly. Donated, more like. He had no passcode set on the iPad.
Rip Van Winkle would be the ideal stock market investor: Rip could invest in the market before his nap and when he woke up 20 years later, he'd be happy. He would have been asleep through all the ups and downs in between. But few investors resemble Mr. Van Winkle. The more often an investor counts his money - or looks at the value of his mutual funds in the newspaper - the lower his risk tolerance.
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