A Quote by James Chanos
People who lose money always need someone to blame.
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Always, when things don't go the way that everyone expects, people - the supporters as well - always look for someone to blame. In some cases, they blame the players.
Scapegoating will go on forever. We need someone to blame - illegal immigrants, single moms, people in prison. We need someone to victimize.
Rule of thumb: When Democrats lose, they blame the candidate. When Republicans lose, they blame the opposition.
Americans, like human beings everywhere, believe many things that are obviously untrue, the monograph went on. Their most destructive untruth is that it is very easy for any American to make money. They will not acknowledge how in fact how hard money is to come by, and, therefore, those who have no money blame and blame and blame themselves.
And we could all sit around and wonder and feel bad about each other and blame a lot of people for what they did or didn’t do or what they didn’t know. I don’t know. I guess there would always be someone to blame.
You know in a startup, you only need three people. You need someone who can make something. You need someone who can sell it. And you need someone to collect the money. That's the only three roles in a startup. So which one are you?
Where you want to be is always in control, never wishing, always trading, and always first and foremost protecting your ass. That's why most people lose money as individual investors or traders because they're not focusing on losing money. They need to focus on the money that they have at risk and how much capital is at risk in any single investment they have. If everyone spent 90 percent of their time on that, not 90 percent of the time on pie-in-the-sky ideas on how much money they're going to make, then they will be incredibly successful investors.
If you've got the money, you need people to make money with your money. And if you have the talent, you can always merchandise your talent to someone who's got the money and make money. There's two pieces to it: talent and money.
Dress your best on your execution day. Be extremely courteous to your assistant when you lose money. Try not to blame others for your fate, even if they deserve blame. Never exhibit any self-pity. Do not complain.
People always wanted someone to blame, didn't they?
No one to blame! That was why most people led lives they hated, with people they hated. How wonderful to have someone to blame! How wonderful to live with one's nemesis! You may be miserable, but you feel forever in the right. You may be fragmented, but you feel absolved of all the blame for it. Take your life in your own hands, and what happens? A terrible thing: no one to blame.
Most people never feel secure because they are always worried that they will lose their job, lose the money they already have, lose their spouse, lose their health, and so on. The only true security in life comes from knowing that every single day you are improving yourself in some way, that you are increasing the caliber of who you are and that you are valuable to your company, your friends, and your family.
"You know, I've wondered if it's more painful to lose someone you love to death or to lose someone you love because she no longer loves you back." "I don't know," I said. "On the surface, it seems an easy question. It should be so much easier to lose someone who doesn't love you, because why would you want to be with someone who doesn't want you? But rejection's not an east road. A part of you always wonders what makes you so unlovable."
I'm always amazed at how many people assume a business has to lose money before it makes money.
I don't think I have ever learnt a difficult lesson. Probably sports betting, which I have lost money on. I did lose money on Apple. You'd have thought you could only make money on Apple but I was one of the people who managed to lose.
You can blame your ugliness for keeping people at bay, when in reality you're crippled by the thought of letting another person close enough to popentially scar you even more deeply. You can tell yourself that it's safer to love someone who will never really love you back, because you can't lose someone you never had.
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