A Quote by Jeff Bezos
If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people, But if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people, because very few companies are willing to do that. Just by lengthening the time horizon, you can engage in endeavours that you could never otherwise pursue. At Amazon we like things to work in five to seven years. We’re willing to plant seeds, let them grow—and we’re very stubborn. We say we’re stubborn on vision and flexible on details.
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Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
Are you willing to work sixteen hours a day? Rich people are. Are you willing to work seven days a week and five up most of your weekends? Rich people are. Are you willing to sacrifice seeing your family, your friends, and give up your recreations and hobbies? Rich people are. Are you willing to risk all your time, energy and start-up capital with no guarantee of returns? Rich people are.
I think markets are often not thinking on a long-time horizon, I think that our government structurally is doing even less so. When we have a government where we have people who are up for election at most once every six years for a U.S. senator, that's a time horizon that is much shorter than in a market that a company is looking at 10, 15, 20 years which is a time horizon over which a stock price is typically valued.
For a very long time, I wrote a book a year, and was eager and willing to do it, to put bread on the table, to have my work out there. Now I must write a book every two years, and that's never enough time, either.
Walt understood all of those things, and even common things about people. For instance: Usually you get your idea of what kind of day it is by looking at the horizon, because the horizon is your eye level. So what Walt did is to eliminate the horizon.
I never thought I was going to make a career out of tennis, to be honest, until I was 10 or 11 years old. One of my earliest memories is when I was seven, and I was competing against players that were three, four years older than me. I didn't take it too seriously at the time. I was having a lot of fun.
The incurable optimism of the farmer who throws his seed on the ground every spring, betting it and his time against the elements, seemed inextricably to blend with the creed of her pioneer forefathers that "it is better farther on"-- only instead of farther on in space, it was farther on in time, over the horizon of the years ahead instead of the far horizon of the west.
If you want to play the game and win, you've got to play 'full out.' You've got to be willing to feel stupid, and you've got to be willing to try things that might not work - and if they don't work, be willing to change your approach. Otherwise, how could you innovate, how could you grow, how could you discovery who you really are?
If you are going to do large-scale invention, you have to be willing to do three things: You must be willing to fail; you have to be willing to think long term; and you have to be willing to be misunderstood for long periods of time.
A hedge fund manager whose clients demand monthly performance reports has different needs than any individual investors with a 20-year time horizon. The needs of that long-term investor differ markedly from someone who is retiring in three years.
In the early '70s - a very good time for children's books and their authors - editors and publishers were willing to take a chance on a new writer. They were willing and able to invest their time in nurturing writers with promise, encouraging them.
You can't invest in natural gas on a daily basis. It's too volatile. But if you think of natural gas as a long-term holding, then you push your profit horizon out. A long-term time horizon would be at least two years.
I run a design studio in New York. Every seven years, I close it for one year to pursue some little experiments, things that are always difficult to accomplish during the regular working year. In that year, we are not available for any of our clients. We are totally closed. And as you can imagine, it is a lovely and very energetic time.
From time to time, there are people in the film industry who appear on the horizon with a unique vision. South African director Neill Blomkamp is one of those rare people.
Most people do not ever pick up the phone. They never ask, and that is what separates the people that do things from the people that just dream about them. You have to act, and you have to be willing to fail. You have to be willing to crash and burn, because if you are afraid of failing, you will not get very far.
Now, everybody knows the basic erogenous zones. You got one, two, three, four, five, six, and seven. ... OK, now most guys will hit one, two, three and then go to seven and set up camp. ... You want to hit 'em all and you wanna mix 'em up. You gotta keep 'em on their toes. ... You could start out with a little one. A two. A one, two, three. A three. A five. A four. A three, two. Two. A two, four, six. Two, four, six. Four. Two. Two. Four, seven! Five, seven! Six, seven! Seven! Seven! Seven! Seven! Seven! Seven! Seven! Seven! Seven! [holds up seven fingers]
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