A Quote by James Packer
In a perfect world we don't want to be overly dependent on any single asset or be so dependent on the cycle or where one asset is the bulk of this company.
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The greatest asset of man is man. The wealth of any man is dependent upon the wealth of every other man. Abundance for one is impossible in an impoverished world.
The lack of monetary discipline has become a hallmark of unfettered globalization. Central banks have failed to provide a stable underpinning to world financial markets and to an increasingly asset-dependent global economy.
I think there are probably too many asset management companies in the world, and I think the place to be is either big or small. The area where it is probably more difficult to be is in the middle ground, where you've got that cost of regulation, you've got the cost of buying your own research, you've got all the costs of running an asset management company without the benefits of a big income producing asset.
If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on what a future buyer might pay, then it's an investment. If an asset's value is totally dependent on the amount a future buyer might pay, then its purchase is speculation.
What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.
The hardware business is all about per-unit manufacturing cost and functionality. The services business is less asset-intensive and more dependent on people.
Never work for a company that says people are its most important asset. If you wanted to get a mortgage and you said that your only asset was people you would end up living in a tent.
An acute first-class brain is the finest asset anyone can have- and, if we want to be happy, it is an asset we must exploit to the uttermost.
Our view is that consumer finance - what people think of as retail finance - that arena is ripe for disruption. Bitcoin is absolutely a core platform and asset format that we are dependent on to build this business.
Peace, for us, is an asset and in our interest. It is an absolute human asset that allows an individual to freely develop his individuality unbound by any regional, religious, or ethnic fetters.
My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
Did you get Mom a birthday present?" Helen asked. "Yes," Gansey replied. "Myself." "The gift that keeps on giving." "I don't think that minor children are required to get gifts for their parents. I'm a dependent. That's the definition of dependent, is it not?" "You, a dependent!" his sister said, and laughed. "You haven't been a dependent since you were four. You went straight from kindergarten to old man with a studio apartment.
Well, we lost a lot of our independence already. We are dependent on China for credit. We are dependent on Middle Eastern countries for energy supplies. And many Americans are dependent on the government for their income, health care, education of their children, food stamps.
In the 40 years I've been working as an economist and investor, I have never seen such a disconnect between the asset market and the economic reality... Asset markets are in the sky, and the economy of the ordinary people is in the dumps, where their real incomes adjusted for inflation are going down and asset markets are going up.
The problem is that you're creating a system of bubble finance where interest rates are so low that people can speculate. An asset value goes up. You put it up as collateral. You borrow against it. You buy more of the asset. You then take the rising asset. You borrow against it again. This is the nature of what's going on in the world. This isn't an excess of real savings. This is an excess of artificial credit that's being fueled by all the central banks.
I wanted to be on my own. I couldn't wait to be on my own. It did not scare me. I was dependent my parents. I wasn't dependent government, but I was dependent on my parents. I started working essentially when I was 16, but I was still dependent on my parents. I couldn't wait to be on my own.
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