A Quote by Bill Gates
Something like Windows is still an unbelievable asset but because the world is somewhat phone-centric, it's an asset that has to be managed very carefully to make sure that it's extended, and there are very interesting things that are being done with that.
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Formula One does very well. It is a very interesting asset. Could it be run in a different way? Sure it could be. Could it be improved? I'm sure it could. But all I can say is, it seems to do pretty well.
A degree is an asset, but it doesn't mean anything by itself. It's just another asset. So is being persuasive, having good personality, being smart.
The problem is that you're creating a system of bubble finance where interest rates are so low that people can speculate. An asset value goes up. You put it up as collateral. You borrow against it. You buy more of the asset. You then take the rising asset. You borrow against it again. This is the nature of what's going on in the world. This isn't an excess of real savings. This is an excess of artificial credit that's being fueled by all the central banks.
I perceive the world in fragments. It is somewhat like being on a very fast train and getting glimpses of things in strange scales as you pass by. A person can be very, very tiny. And a billboard can make a person very large. You see the corner of a house or you see a bird fly by, and it's all fragmented. Somehow, in painting I try to make some logic out of the world that has been given to me in chaos. I have a very pretentious idea that I want to make life, I want to make sense out of it. The fact that I am doomed to failure - that doesn't deter me in the least.
I think in English history a very interesting character is John Lilburne. Very interesting character because of the way he managed to develop the whole debate about the English civil war into something very different.
You don't try to have the very lowest cost of an asset. You try to have the right asset. So rather than thinking about the lowest cost, the question is how do you get the best productivity.
My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
In a perfect world we don't want to be overly dependent on any single asset or be so dependent on the cycle or where one asset is the bulk of this company.
In the 40 years I've been working as an economist and investor, I have never seen such a disconnect between the asset market and the economic reality... Asset markets are in the sky, and the economy of the ordinary people is in the dumps, where their real incomes adjusted for inflation are going down and asset markets are going up.
What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.
I think there are probably too many asset management companies in the world, and I think the place to be is either big or small. The area where it is probably more difficult to be is in the middle ground, where you've got that cost of regulation, you've got the cost of buying your own research, you've got all the costs of running an asset management company without the benefits of a big income producing asset.
This is probably an asset that my wife hates, where you compartmentalize. Most times, I think it's an asset, where you can just sort of feel like you chop off one part of your brain to do the next thing that you've got to do.
A strong body is a good asset. A strong mind is a very good asset.
In the long-term, security comes from an asset you create or acquire, not a position in someone else's asset.
Children are the most important asset in a country. For them to become that asset, they must receive education and love from their parents.
When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.
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