A Quote by Cliff Asness
The term bubble should indicate a price that no reasonable future outcome can justify.
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Don't you know that there's another bubble as well An expectations bubble. Bigger houses private planes yachts ...... stupid salaries and bonuses. People come to desire these things and expect them. But the expectations bubble will burst as well as all bubbles do. Come to my gallery and I will sell you beautiful things at a more reasonable price. But the point is that they will have value. Things of real beauty things of the spirit.
We need a reasonable price where producers will not start nagging. At a reasonable price, we can invest to produce more oil.
There's none as deaf as those who won't listen. I get letters. If they are moronic, they go in the wastepaper basket, but if they are reasonable points, I try to explain. I am planning for the long-term future. I am planning for the long-term future. People say build a team not a hotel, but that argument is irrelevant. It's like fish or meat
Does the end justify the means? Or should it be, Do the ends justify the mean; do the extremes justify moderation?
In 'Bush v. Gore,' five justices had a partisan outcome in mind and then made up the judicial principle to justify it, while claiming that the decision would not be precedent for any future cases.
[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation (which is neither illegal, immoral nor -- in our view -- financially fattening).
The construction of a courthouse is a long-term investment in a building where important public business is done. But that does not justify extravagant expenditures. Courthouses should be dignified, durable, and functional. They should not be grandiose, monumental, and luxurious.
The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.
The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.
As I sat in the hot, salty water, I thought, 'No wonder Mr. Bubble always gives me a urinary tract infection and hives.' Mr. Bubble was for common people. Mr. Bubble was for my so-called brother, their true child. I was a Vanderbilt. I should bathe in condiments and seasonings.
The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
Over the long run, the price of gold approximates the total amount of money in circulation divided by the size of the gold stock. If the market price of gold moves a long way from this level, it may indicate a buying or selling opportunity.
You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.
One of course is to insure greater supply of energy for California's needs now and in the future in the sense that we are in discussions with representatives of Oregon and Washington, where they do have a surplus supply of energy available, and at what we hope will be a very reasonable price.
Humans are terrible at predicting the future. We really overestimate what we can do in the short term and underestimate what we can do in the long term... If we can glimpse even a couple of years into the future, even that's difficult to do.
In Presence, there is no outcome. It is our involvement in the outcome that keeps us imprisoned in an imagined future. In Presence, there is only now.
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