A Quote by Bill Gross
Americans now know that housing prices can go down and they can go down by 10, 20, 30, and in some cases, 40 or 50 percent. We know they can go down. But five years ago, we thought they could only go up.
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You [Hillary Clinton] go to New England, you go to Ohio, Pennsylvania, you go anywhere you want, Secretary Clinton, and you will see devastation where manufacture is down 30, 40, sometimes 50 percent.
Everybody would be better off if they could buy housing for only, let's say, a carrying charge of one-quarter of their income. That used to be the case 50 years ago. Buyers had to save up and make a higher down payment, giving them more equity - perhaps 25 or 30 percent. But today, banks are creating enough credit to bid up housing prices again.
I think bubbles are things people see with 20/20 hindsight. If you look at any particular period where prices go up and then they go down, you will always find people who predicted that they would go down. Those are the people you pay attention to.
You want to know the truth about drugs? You can only go one or two ways. You can go up, or you can go down. That's it. After a certain point, though, no matter what you do, what you take, you don't go anywhere, and that's when you've got to sit down and face yourself.
I think baseball has such a way of humbling you. You can go 20-for-20, and before you know it, you're going to go through an 0-for-30. It has that way of knocking you back down to earth.
Everyone goes down a road that they're not supposed to go down. You can do two things from it. You can keep going down that road and go to a dark place. Or you can turn and go up the hill and go to the top - try to go to the top.
I cannot morally blame all Americans for allowing, for instance, the birth of the Federal Reserve System and the money destruction that has followed. They are simply ignorant about it and don’t know what happened or what is happening. They think that prices go up rather than that dollars go down.
It's good to go down because then you know you have to climb back to your old spot. And you can't be on top and not know that you can only go down.
The simple model of a bridge is great, and you could not build a bridge without understanding it well. But if you're actually building the bridge, you need to know the site. A lot of economics is like that: When prices go up, demand is gonna go down. You can't forget that and run your economy. But it's not the only thing you need to know.
The point is, not to resist the flow. You go up when you're supposed to go up and down when you're supposed to go down. When you're supposed to go up, find the highest tower and climb to the top. When you're supposed to go down, find the deepest well and go down to the bottom. When there's no flow, stay still. If you resist the flow, everything dries up. If everything dries up, the world is darkness.
If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.
What we've witnessed in the past 25 or 30 years is just incredible. We've birthed 30,000 or 40,000 restaurants. I used to go to Europe every year to get experience [and ideas]. I don't go to Europe anymore. I go to Oregon, I go to Washington, I go to Louisiana, I go to Little Rock, I go to Austin, I travel New York City. I don't go to Europe anymore.
It is as true for individuals as it is for the world itself: everything comes in waves. If you ride the waves of change, you succeed. If you ignore them, you fail. When the wave is down, most people resist it by trying to go up. When the wave goes up, you should go up with it. When it comes down, you go down.
Can't nobody do what Fetty Wap does. So when I go to the studio, it may be four to five hours max, probably three days out the week. I used to go to the studio for 10 to 15 hours, and I would do five to 10 songs. Now I go for four to five hours and I do, like, 15 to 20 songs. I'm an ad lib guy. Most people know me for my ad libs.
Get your money in balance. One rule of thumb is 50/30/20. Spend about 50% of your money on must-haves - things like rent, car payments - and about 30% on wants, while 20% should go toward savings and paying down debt.
Be flexible. Don't be afraid to change your mind. If you're wrong, change your mind. If you go down the wrong path, and you're down 10-12%, it's better to sell down 15% versus 50%. If you have an idea that something is going to happen, you're predicting the future, and it's OK to be wrong. Where you can go wrong is by making a prediction that doesn't come true, and then sticking with it.
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