A Quote by Robert D. Arnott

Whatever is newly expensive has two attributes: wonderful past returns and, in most cases, lousy future returns. — © Robert D. Arnott
Whatever is newly expensive has two attributes: wonderful past returns and, in most cases, lousy future returns.
Mitt Romney was treated very unfairly. Mitt Romney didn't want to give his tax returns, because people don't understand returns that are complicated, and complex. And he didn't give it. He fought it, fought it, fought it, all the way into September. A month before the election, he gave his tax returns. And they picked out two items that were absolutely perfect. He did nothing wrong. And his returns are very much smaller than my returns.
Sanity returns (in most cases) when the book is closed.
The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.
...the dust returns to the ground it came from, and the spirit returns to God who gave it.
I ran back punt returns and kickoff returns, and I played a pretty good game.
I always remind myself that what one observes is at best a combination of variance and returns, not just returns.
Hard work leads to low returns. Insight and doing what we want lead to high returns.
You may have heard that Donald Trum has long refused to release his tax returns, the way every other nominee for president has done for decades. You can look at 40 years of my tax returns. I think we need a law that says, if you become the nominee of the major parties, you have to release your tax returns.
While we read a novel, we are insane—bonkers. We believe in the existence of people who aren't there, we hear their voices... Sanity returns (in most cases) when the book is closed.
Now Spring returns; but not to me returns.
Morality, like other inputs into the social process, follows the law of diminishing returns- meaning ultimately, negative returns. People can be too moral.
It's hard to find ideas that aren't picked over and harder to get real returns and differentiate yourself. We are entering a new environment. The days of big returns are gone.
You will not see, in my career, the kind of returns this industry had in 2005 and 2006 for a very simple reason - the banks were undercapitalized, and returns are a function of earnings and capital.
Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
Whatever is cheap became cheap by treating us badly in the past, but is priced to deliver superior returns.
The returns from investing in poor people are just as great as the returns from investing in the business world... and have even more meaning
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