A Quote by Charlie Munger
You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.
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To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.
We take the traditional value investor's process and just flip it around a little bit. The traditional value investor asks 'Is this cheap?' and then 'Why is it cheap?' We start by identifying a reason something might be mispriced, and then if we find a reason why something is likely mispriced, then we make a determination whether it's cheap.
I'm investing in myself, I'm investing in others and I'm investing in my cause. I know if I persist it will pay back in dividends and it always does.
Although I don't gamble in life - I've never played poker - I do gamble on stage. I gamble with myself: 'Can I do this?'
The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for dollar bills that you can buy for 50 cents or at some big discount - that is universal to value investing.
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
What's in my mind is that I'm investing in people. It might be through a building or a program, but I'm investing in people. And the people that I'm investing in are underprivileged or hold a core value that I believe in.
You don't gamble to win. You gamble so you can gamble the next day.
The only intelligence investing is value investing...to acquire more than one is paying for.
We may gamble on outsmarting the law; we may even gamble on the leniency of man and the mercy of God-but no man ever won a gamble with his own conscience. Even should he think he has beaten his conscience into submission, his misdeeds still leave their mark upon him. Anyone who gambles against this fact has already lost his gamble.
For more than two decades Chicagoans have routinely traveled to neighboring cities like Rosemont, Elgin, Joliet, Gary and Hammond to gamble. If people in Chicago want to gamble, then they should be able to gamble in Chicago at a city-owned, land-based casino.
Impact investing has become a broad umbrella that includes all investing with a focus on both financial return and social impact, but in its best form, impact investing prioritizes impact over returns and achieves outcomes that traditional investing cannot.
Investing solely for 'income,' investing merely 'to keep capital employed,' and investing simply 'to hedge against inflation' are all entirely out of the question.
It was a big gamble to come to WWE, and it was a big gamble to come to NXT. Honestly, the gamble paid off.
The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension fund consultants to get fees prattling about and a way for one advisor to distinguish himself from another. But, to me, all intelligent investing is value investing.
Who’s afraid of the big, bad buildings? Everyone, because there are so many things about gigantism that we just don’t know. The gamble of triumph or tragedy at this scale — and ultimately it is a gamble — demands an extraordinary payoff. The trade center towers could be the start of a new skyscraper age or the biggest tombstones in the world.
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