A Quote by Charlie Munger
In the LBO field there is a buried "covariance" with marketable equities, toward disaster in generally bad business conditions, and competition is now extremely intense.
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Matter is regarded as being constituted by a region of space in which the field is extremely intense . . . . . . There is no place in this new kind of Physics both for the field and matter, for the field is the only reality.
Our marketable equities tell us by their operating results - not by their daily, or even yearly, price quotations - whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it.
I don't think that Mitt Romney can legitimately say that he learned anything about how to create jobs in the LBO (leveraged buyout) business. The LBO business is about how to strip cash out of old, long-in-the-tooth companies and how to make short-term profits. All the jobs that he talks about came from Staples. That was a very early venture stage deal. That, you know they got out of long before it got to its current size.
Having cakes as a business certainly changes things for me - I don't now sit at home doing a cake for the fun of it anymore. But it's an extremely happy and pleasureable business to run because people are generally buying cakes for celebrations.
My goal was to build a meaningful sports business that operates at the highest levels in the areas of business that we compete in. I have an intense desire to be successful, and I'm extremely competitive.
On the left-hand side of the field equation we may add the fundamental tensor guv, multiplied by a universal constant, -?, at present unknown, without destroying the general covariance.
In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.
Your seventh wife, Phileros, is now being buried in your field. No man's field brings him greater profit than yours, Phileros.
It's clear the media, of course, always gives you the bad news. And people who rely on the media, like Mr. Trump, think that everything is a disaster. The media always tries to make everything into a disaster, but it's mostly rubbish. It's a point of fact that we're doing extremely well.
Eating coals of fire has always been one of the sensational feats of the Fire Kings, as it is quite generally known that charcoal burns with an extremely intense heat.
Pick the topic you like: the Middle East, international terrorism, Central America, whatever it is - the picture of the world that's presented to the public has only the remotest relation to reality. The truth of the matter is buried under edifice after edifice of lies upon lies. It's all been a marvelous success from the point of view in deterring the threat of democracy, achieved under conditions of freedom, which is extremely interesting. It's not like a totalitarian state, where it's done by force. These achievements are under conditions of freedom.
As a multisport athlete, I was always fascinated with competition and how to win. At HBS and later at the Harvard Department of Economics, I was drawn to the field of competition and strategy because it tackles perhaps the most basic question in both business management and industrial economics: What determines corporate performance?
To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies- these tasks provide a wide and unquestioned field for state activity.
Even though the third season of 'Necessary Roughness' was only ten episodes, they were an extremely intense bunch of episodes, especially toward the finale.
Even though the third season of Necessary Roughness was only ten episodes, they were an extremely intense bunch of episodes, especially toward the finale.
Sometimes we believe that happiness is not possible in the here and now, that we need a few more conditions to be happy. So we run toward the future to get the conditions we think are missing. But by doing so we sacrifice the present moment; we sacrifice true life.
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