A Quote by Joel Greenblatt
Here is part of the tradeoff with diversification. You must be diversified enough to survive bad times or bad luck so that skill and good process can have the chance to pay off over the long term.
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The problem that people don't understand is that active managers, almost by definition, have to be poorly diversified. Otherwise, they're not really active. They have to make bets. What that means is there's a huge dispersion of outcomes that are totally consistent with just chance. There's no skill involved it. It's just good luck or bad luck.
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.
All of us have bad luck and good luck. The man who persists through the bad luck - who keeps right on going - is the man who is there when the good luck comes - and is ready to receive it.
For the most part, however, Lady in the Water comes across as a movie that's too bad to be good, and not bad enough to be so bad that it's good.
Luck, if it mean nothing more than an event of which the cause is not apparent, is a term that may be employed without error; but if it means, as it generally does, an event which has no cause at all, a mere chance, it is a bad word, a heathen term; drop it from your vocabulary; trust nothing to luck, nor expect anything from it; avoid all practical use or dependence upon this or its kindred words, fate, chance, fortune.
Building a rainy-day fund during good times may not be politically popular, but it can pay off during the bad times.
There was only really one accident that was kinda bad but it was nothing to do with booze, just bad luck... I was having a hard time a couple of years ago... I'm a good driver, I just had bad luck.
The best advice I've ever been given is being handed a Bible. That's the blueprint for marriage that we go by, and that's what our marriage is grounded in. We also have other married couples who are examples in our lives. My parents have been married over 40 years, and both sets of grandparents for over 65 years. When you see couples in long-term relationships and you see them go through good times and bad times, you realize it's about being committed enough and loving your partner enough to hang in there regardless.
Intentions, good or bad, are not enough. There's luck or fate or something else that takes over.
Democracy is the eagle on the back of a dollar bill, with 13 arrows in one claw, 13 leaves on a branch, 13 tail feathers, and 13 stars over its head - this signifies that when the white man came to this country, it was bad luck for the Indians, bad luck for the trees, bad luck for the wildlife, and lights out for the American eagle.
In business as in life, sometimes bad things happen to good people, and sometimes good things happen to bad people. But over time, if you play long enough, everybody gets what he deserves - good and bad.
One really important thing is to have good friends and family that will be there to help you when the hard times come. Because bad times do come, for everyone, at some point. The good part is, the bad times don't last forever.
There's gonna be good times and bad times. When the good times come you got to ride it as long as you can. And when the bad times come you got to battle and try to get out of there as soon as you can.
When it comes to partisan politics, everyone is a hypocrite. And all they care about is whether it hurts or helps them ... Is it good or bad for the Democrats? Is it good or bad for the Republicans? Is it good or bad for Jews, or good or bad for blacks, or is it good or bad for women? Is it good or bad for men? Is it good or bad for gays? That's the way people think about issues today. There is very little discussion of enduring principles.
Now, in economic crises times, the kind of things you're looking at is it's generally harder to get capital, revenue growth may be more, revenue lines may be unstable or growth may be less easy to predict that you're going to get to. And so what you do is you take a certain conservative approach of when, as all entrepreneurs should do, you plan for both good luck and bad luck, you put extra time on, "Okay, if I have bad luck, what do I do about that?"
If you want to make short-term profits from the stock price, then I am a very bad president. But I don't think I'm so bad for maximizing the long-term value of Nintendo.
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