A Quote by Howard Warren Buffett
The U.S. Treasury has got borrowing costs like nobody else has. They can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time.
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[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs.
The U.S. Treasury has got borrowing costs like nobody else has.
We need to throw the resources at this that are necessary. But like I say, we are not spending money. I mean, if we buy these assets intelligently, the United States Treasury will make money. I mean, it's borrowing money. It's just a few percent a year.
The problem is that borrowing money to pay back more borrowed money that will oblige you in the future to borrow even more money doesn't sound kosher. Because it isn't.
In theory, when you're working with a record label, you're just borrowing their money. And that's basically how the record industry works, right? It's like, you borrow $100,000 from a record label, so you don't make any money until you make back that money for them. In theory, they have you held hostage, so you've got to do every little stupid thing that they want you to do.
Fifteen years ago, nobody thought that content would ever work as a business. It was impossible to raise any money, initial investments were $10,000, seldom $100,000. It is only over the last two or three years that we have started to see very large amounts of capital coming into the digital industry. That has created a lot more competition.
It is extreme arrogance for one to think he is the only one who can govern his country and nobody else can do it. We're all human. After 10, 15 years you get tired, you run out of steam and ideas, you have to give a chance to somebody else. And whether you yourself are inclined to stay on, all those around you are pushing you to stay on for what they will gain. One has to have the strength of character to say the time has come to move on...unless you are a king.
My first show was called 'I Know I've Been Changed' in '92. I tried to do this show for years and years. It kept failing over and over and over again. Every time I went out to do the show, nobody showed up. I was like, 'What is this about?'
The [Barack] Obama administration, from the time they've come in, is over 230 years' worth of debt, and he's topped it. He's doubled it in a course of almost eight years, seven-and-a-half years, to be semi- exact.
Let us never forget this fundamental truth: the State has no source of money other than money which people earn themselves. If the State wishes to spend more it can do so only by borrowing your savings or by taxing you more. It is no good thinking that someone else will pay - that 'someone else' is you. There is no such thing as public money; there is only taxpayers' money.
My favorite leather jacket I got for 40 bucks at the Fairfax Flea Market, like, eight years ago. Leather just gets better over time. There's something about a jacket that you have over years and years - just fits like a glove.
Over the long term, despite significant drops from time to time, stocks (especially an intelligently selected stock portfolio) will be one of your best investment options. The trick is to GET to the long term. Think in terms of 5 years, 10 years and longer. Do your planning and asset allocation ahead of time. Choose a portion of your assets to invest in the stock market - and stick with it! Yes, the bad times will come, but over the truly long term, the good times will win out - and I hope the lessons from 2008 will help get you there to enjoy them.
It's probably also smart to keep some money in cash to invest it. But I would resist at all costs taking a lump-sum distribution because the tendency is to spend out too fast in the early years of your retirement. The advice of professionals is to take out no more than 5% per year and that will give you 20 years of distributions, and at your age, 55, you probably have more than 20 years life expectancy.
I'm encouraging you to know what you're worth. And know that no matter who has more money in class, who has more stuff, who has a country house - nobody is worth more than anybody else.
I don't save money. Save is a four letter word! I like to borrow money because I can get richer faster on borrowed money. I have what is called retained earnings, so I don't have to save money. If I need money, I will go out and borrow it.
Modeling is basically 'Buy more stuff! Don't you want some more stuff? It will make you look ten years younger and men will like you!' If I'd wanted to be a salesperson, I would have got a job selling.
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