A Quote by George Soros
No individual anonymous participant can influence the prices and therefore you really can speculate in the market without paying attention to morality. That's one of the positive features of markets. That's why they function.
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As an anonymous participant in financial markets, I never had to weigh the social consequences of my actions ... I felt justified in ignoring them on the grounds that I was playing by the rules.
There is no such thing as agflation. Rising commodity prices, or increases in any prices, do not cause inflation. Inflation is what causes prices to rise. Of course, in market economies, prices for individual goods and services rise and fall based on changes in supply and demand, but it is only through inflation that prices rise in aggregate.
Dialogue is really aimed at going into the whole thought process and changing the way the thought process occurs collectively. We haven't really paid much attention to thought as a process. We have engaged in thoughts, put we have only paid attention to the content, not to the process. Why does thought require attention? Everything requires attention, really. If we ran machines without paying attention to them, they would break down. Our thought, too, is a process, and it requires attention, otherwise its going to go wrong.
I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.
The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.
Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks.
I really just think that we've got to have a positive influence on kids in general. And really understanding people are going to look up to me, so why aren't I doing something to be positive about it?
But, as soon as speculators become an important influence in the market, their business is to speculate on each others behaviour.
To economists, prices serve as crucial signals to producers and consumers. In a regulated market, the state sets prices high enough for private companies to cover their costs and earn a guaranteed profit for their investors. But in a deregulated market, prices should vary with demand and supply.
Everybody is saying, 'ESPN is not cool, no one is paying attention to ESPN, they're all paying attention to the Barstools of the world.' Why? Because we're authentic.
I don't think anyone can speculate what will happen with respect to oil prices and gas prices because they are set on the global economy.
In the debate between those who believe in essentially unregulated markets and others who hold that reasonable regulation diminishes market excesses without inhibiting their basic function, the subprime situation unfortunately provides ammunition for the latter view.
we have complaints that institutional dominance of the stock market has put 'the small investor at a disadvantage because he can't compete with the trust companies' huge resources, etc. The facts are quite the opposite. It may be that the institutions are better equipped than the individual to speculate in the market.But I am convinced that an individual investor with sound principles, and soundly advised, can do distinctly better over the long pull than large institutions.
Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.
So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.
AC/DC, Def Leppard, Alice Cooper - I learned stories of all these guys. That's when I fell in love with Queen, which is one of my favorite bands of all time... I started paying attention to what made music good. I started paying attention to why I liked it.
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