A Quote by Jamie Dimon
People thought they were going to make a lot of money. And then at one point, it got too hot, and the government wanted to knock it down. Trying to get it up and then knock it down, both were a mistake. And part of the reason, some people think, is that they wanted to equitize some of their companies. A healthy stock market helps equitize companies and reduce the country's debt burden.
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The other dynamic keeping the stock market up - both for technology stocks and others - is that companies are using a lot of their income for stock buybacks and to pay out higher dividends, not make new investment,. So to the extent that companies use financial engineering rather than industrial engineering to increase the price of their stock you're going to have a bubble. But it's not considered a bubble, because the government is behind it, and it hasn't burst yet.
Tech stocks were the cubic zirconium of the market. They looked good and were sexy, but they just were a way for the company selling them to make money. That's always going to be transient in terms of the stock market. What's real is that companies have to compete. Technology used well is a great tool to enable that if only because most companies dont use technologies well.
There's also consumer debt, the credit card debt that burdens many of the working families in America. Yes, we talk about national debt, and we're paying a lot down. But you're fixing to hear me tell you part of the remedy for people who have got a lot of credit card debt is to make sure people get some of their own money back.
No man ever got very high by pulling other people down. The intelligent merchant does not knock his competitors. The sensible worker does not knock those who work with him. Don't knock your friends. Don't knock your enemies. Don't knock yourself.
I went to so many record labels - name any one - and they all turned me down. For some reason I just got the thumbs down for years and years. It sounds like I'm making that up, but it's true. I'm too serious about music and my creations to take just any kind of deal. There were a couple of companies that wanted to put me with a producer, and I said, "Well, I just produced my last album," and I wasn't about to go backwards.
The most common mistakes were investing in money market funds by people who were so scared at the prospect of managing their own funds that they picked the most conservative option, and their investments did not keep up with inflation. The second major mistake was being too heavily invested in their own company's stock, and buying when it was high and there was a lot of optimism about the company, and then having to sell it low when the company got in trouble.
It was stupid behaviour. And you take a look at the explosion, and it knocks you down and you wake up every morning and you're scared and you're depressed and sad, and you kind of got to let that knock you down and knock you down.
What we are saying is, we've got three aluminum factories, let's work with that, we cannot change that. Why not have the Icelandic people who are educated in high-tech and work already in those factories in the higher paid jobs, why not let them build little companies who are totally Icelandic with the knowledge they have? Then they get the money and it stays in the country. Then we can support the biotech companies and the food companies and all these clusters. I think that if you want to be an environmentalist in Iceland, these are the things you've got to be putting your energy into.
In the computer industry, you've got an interdisciplinary team of people who can come together, attack the problem, and work in a collaborative style. You knock down one problem after another, cobble things together, and then hopefully turn the crank at some point.
No man ever got very high by pulling other people down. The intelligent merchant does not knock his competitors. The sensible worker does not work those who work with him. Don't knock your friends. Don't knock your enemies. Don't knock yourself.
If some stock categories get too hot-and-pricey, mass supply is created via stock offerings to tap that cheap money - and, when overdone, drives it all down.
I talked with people starting up in the middle of the recession and employees, and supplies and office space were cheap. As far as companies that are already in existence, many became more creative with how they spent their money. A lot of them stopped wasting money that they didn't know they were wasting after they looked hard at their businesses. Some had to change business models because of the economy. Their market didn't exist or wasn't as big anymore.
If you think about companies that were built in Silicon Valley, a lot of them early on were chip companies. And now the companies that are there, like Apple, are much more successful than any of the chip companies were.
That was how a Salomon bond trader thought: He forgot whatever it was that he wanted to do for a minute and put his finger on the pulse of the market. If the market felt fidgety, if people were scared or desperate, he herded them like sheep into a corner, then made them pay for their uncertainty. He sat on the market until it puked gold coins. Then he worried about what he wanted to do.
I talked to people that I'd done theater with, older actors and stuff. There's a lot of people who go into the business, and they must think they're good, or they wouldn't be in it. Why do you think that you're good enough to go into the business and make money at it? So I really wanted to ask myself that question a lot. Because it was an important kind of thing that I was going to do. I really wanted to do it, I loved it, and I thought that I was good enough that I could make money at it. And that's really what it came down to.
I think that both parties should declare the debt limit as a political weapon of mass destruction which can't be used. I mean, it is silly to have a country that has 237 years building up its reputation and then have people threaten to tear it down because they're not getting some other matter.
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