A Quote by Joel Greenblatt
Value investing strategies have worked for years and everyone's known about them. They continue to work because it's hard for people to do, for two main reasons. First, the companies that show up on the screens can be scary and not doing so well, so people find them difficult to buy. Second, there can be one-, two- or three-year periods when a strategy like this doesn't work. Most people aren't capable of sticking it out through that.
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Value investing doesn't always work. The market doesn't always agree with you. Over time, value is roughly the way the market prices stocks, but over the short term, which sometimes can be as long as two or three years, there are periods when it doesn't work. And that is a very good thing. The fact that our value approach doesn't work over periods of time is precisely the reason why it continues to work over the long term.
We focus on two things when hiring. First, find the best people you can in the world. And second, let them do their work. Just get out of their way.
I served as a missionary for my church. I served as a pastor in my congregation for about 10 years. I’ve sat across the table from people who were - were out of work and worked with them to try and find new work or to help them through tough times.
The foreign companies, especially oil prospects and development companies, have been in Nigeria for about two generations - 40 years and above and so on. So, they know the environment. They stayed that long. They continue to invest because they know the potential Nigeria has in oil and gas and the capacity of the people to learn and work hard.
I'm not saying don't do the work you got, but instead of this two hours of watching TV at the hotel lobby or this three hours of sitting under the pier and reading comic books or worrying about what you're doing ... what value do you have? Can you read? There are people out there who can't read - go read to them.
I was always interested in art at school, and after year twelve, senior year, I spent three years studying graphic design at college. I worked in advertising for two years but didn't like it much, then began doing a bit of illustration work for various publishers.
What I do is work for three or four years and then I take a year off, and then I come back again and work for three or four years and then take another year off. It is not about just working and then writing for a year. That is not how it is structured. It is about doing very conscious goal-driven activities for four years and then taking a year off in complete surrender to discover facets of myself that I don't know exist and exploring interests with no commercial value associated with them at all.
I will see 100 or 200 and I will take my time with them and I audition them for the two main roles. If I like what I see, but they're not exactly right for the role, I'll think well I have this other role that might work for them. Sometimes I will write a role for them because I want to work with them because they're so good.
I see a strategy for fracturing humanity well in play: just keep people separated and let them reinforce invented boundaries in their imaginations. Because when people come together and really listen to each other, doing the hard work of human kindness, virtually every barrier is breached.
I don't have any ego about it, but I find there's not a great work ethic in show business. A lot of people are in it to make money, and coming from stand-up, you have to work so hard because almost nothing works, and if you lose the audience for three minutes, you're dead.
Dani said this woman, with whom she’d lived for two years, had never known her. “I feel like people accept the first thing I show them,” she said, “and that’s all I ever am to them.
Instead of locking people up and throwing away the key, it's important to invest in them and show them another way - show them what they can do, instead of telling them what they can't do. Because by investing in youth, we're investing into the future of this great nation of the United States of America.
I firmly believe, only because I've been doing this for so long, every show takes three years. 90% of them don't get three years. It just does. It takes a long time to build a community, build a friendship with your characters. It's hard for people to grasp on and make them care about you.
The ones I love most are the people who the flaws show. I like doing characters that we see the total person. If people get afraid to show the flaws because they think, "Oh, then nobody will like them," then you end up with a lot of products, and everybody wants to be frigging heroic all the time - not what people are trapped in every day, like your skirt being in your panties after you walk out of the bathroom. Being human. Sometimes when people are drawn to your work, they're drawn because they recognize themselves or their loved ones or their neighbor in it.
Money is very difficult to think about. So, we think about money as the opportunity cost of money. So, we at some point went to a Toyota dealership and we asked people, what will you not be able to do in the future if you bought this Toyota? Now, you would expect people to have an answer. But people were kind of shocked by the question. They never thought about it before. So, the most we got was people said, "Well, if I can't buy this Toyota, if I buy this Toyota, I can't buy a Honda." What is this thing? What is this value of price? Very hard to think about it.
There are two things I enjoy most about my work. First, I get to work with interesting and enthusiastic people who are also fired up about science. Second, every once in a while I have moments in which I suddenly understand the solution to a problem that I've been working on - those are great moments.
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