A Quote by John C. Bogle
I believe that the mutual fund industry's biggest shortcoming is too much focus on the momentary price of a stock - an illusion - and too little focus on the intrinsic value of the corporation - the ultimate reality. I'm comforted by the fact that Warren Buffett feels the same way.
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Wal-Mart, with its legendary focus on customer value in terms of price, is innovating in sustainability. Now, we're beginning to see the mirror image, a convergence, as the not-for-profit sector is beginning to serve more effectively by applying private sector accountability and efficiencies to social needs. This reflects a rising recognition that to serve others best requires more than good intentions; it mandates a focus on real-world results. Bill Gates and Warren Buffett are among the most conspicuous advocates and representatives of this transformation.
When you give chief executives too much compensation in stock options, they concentrate too much on the stock price, and there is a perverse incentive to raise the stock price, particularly when the chief executive wants to exercise his own options.
Among my greatest disappointments about the mutual fund industry - in addition to excessive costs and excessive focus on the short-term - is that fund managers have been passive participants in corporate governance.
Price is what you pay, but value, as Warren Buffett has observed, is what you get.
Warren Buffett is famous for talking about the 'intrinsic value' of stocks. But while many people parrot this phrase, few know what it really means.
In essence, the stock market represents three separate categories of business. They are, adjusted for inflation, those with shrinking intrinsic value, those with approximately stable intrinsic value, and those with steadily growing intrinsic value. The preference, always, would be to buy a long-term franchise at a substantial discount from growing intrinsic value.
Here is my biggest takeaway after 60 years on the planet: There is great value in being fearless. For too much of my life, I was too afraid, too frightened by it all. That fear is one of my biggest regrets.
In essence, the stock market represents three separate categories of business.They are, adjusted for inflation, those with shrinking intrinsic value, those with approximately stable intrinsic value, and those with steadily growing intrinsic value.
Sometimes, something of someone is liked too much not because it holds too much value or has a true value, but because there are too many bidders and buyers to have the same thing at the resale
value.
Santa Claus and the Easter Bunny should take a few pointers from the mutual-fund industry. All three are trying to pull off elaborate hoaxes. But while Santa and the bunny suffer the derision of eight year olds everywhere, actively-managed stock funds still have an ardent following among otherwise clear-thinking adults. This continued loyalty amazes me. Reams of statistics prove that most of the fund industry's stock pickers fail to beat the market.
I don't think Warren Buffett should be the treasurer or whatever. Warren Buffett's nuts! Just because he's a freaking billionaire doesn't mean he has common sense.
I always have a very complex personal life as far as romance goes. Sometimes I have a little too much time to get into too much trouble... and drama. It's either I'm working, or I have nothing to do but focus on my personal life. It's a little hectic.
I would say television is a focus, and expanding our channel platform is a focus. As for buying libraries, when catalogs are going down in value, the answer is that it's all about price!
Focus too much on the near-term and you won't get tomorrow's customers, focus too much on the long-term and you won't get today's.
I try not to focus on what people say too much because there's nothing I can do about it. All I can do is focus on staying true to the style of music I write and sing because that is the only way it's going to come off as honest.
We can't focus too much on the opponent, we have to focus on ourselves.
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