A Quote by John Mihaljevic
It seems unwise to allocate a large portion of investable capital to any one deep value opportunity, even if the latter promises a large expected return.
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The very large units of production and exchange have access to credit on a large scale, sometimes without any cover at all, merely upon the prospect of their success, and always upon terms far easier than are open to their smaller rivals. It is perhaps on this line of easier credit that large capital today does most harm to small capital, drives it out and ruins it.
In that, we agreed with Andrew Carnegie, who said that huge fortunes that flow in large part from society should in large part be returned to society. In my case, the ability to allocate capital would have had little utility unless I lived in a rich, populous country in which enormous quantities of marketable securities were traded and were sometimes ridiculously mispriced. And fortunately for me, that describes the U.S. in the second half of the last century.
Governments first of all have been able to amass, through the taxation process, large sums of capital which they have redistributed to persons or groups, already large holders of capital, through official subsidies.
The result is that a generation of physicists is growing up who have never exercised any particular degree of individual initiative, who have had no opportunity to experience its satisfactions or its possibilities, and who regard cooperative work in large teams as the normal thing. It is a natural corollary for them to feel that the objectives of these large teams must be something of large social significance.
Clothing sizes are weird, they go: small, medium, large and then extra large, extra extra large, extra extra extra large. Something happened at large, they just gave up. They were like, 'I'm not doing any more adjectives; you just keep putting extras on there.' We could do better than that: small, medium, large, whoa, easy, slow down, stop it, interesting, American.
Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.
Venti is twenty. Large is large. In fact, tall is large and grande is Spanish for large. Venti is the only one that doesn't mean large. It's also the only one that's Italian. Congratulations, you're stupid in three languages.
Trump's vitriol attracts large crowds and may even win him the Republican presidential nomination but dishonors our best traditions. It spits in the face of every protection and opportunity our Constitution promises.
The best hopes of any community rest upon that class of its gifted young men who are not encumbered with large possessions.... I now speak of extensive scholarship and ripe culture in science and art.... It is not large possessions, it is large expectations, or rather large hopes, that stimulate the ambition of the young.
... so large a portion of those who hold much capital, instead of using their various advantages for the greatest good of those around them, employ the chief of them for mere selfish indulgences; thus inflicting as much mischief on themselves, as results to others from their culpable neglect. A great portion of the rich seem to be acting on the principle, that the more God bestows on them, the less are they under obligation to practise any self-denial, in fulfilling his benevolent plan of raising our race to intelligence and holiness.
Living rationally and authentically means understanding that life centrally involves making leaps of faith, both small and large, and that the value of living is to a large extent the value of experiencing your life, whatever that experience is.
I'm a big fan of Barack Obama. I think he carries a heavier burden and is held to a greater and higher standard than other candidates : I think there's a large, large portion of this country that feels disenfranchised and marginalized by the political process.
Large profits are even more insidious than large losses in terms of emotional destabilization. I think it's important not to be emotionally attached to large profits. I've certainly made some of my worst investments after long periods of winning.
In the large buy out space, which is where we (Kohlberg Kravis Roberts) focus our efforts, there are relatively few firms with the capital, experience, infrastructure and networks to compete effectively with the large complex companies that we seek to acquire.
A large portion of our citizens, who will not believe, even on the evidence of facts, that any public evils exist, or are impending. They deride the apprehensions of those who foresee, that licentiousness will prove, as it ever has proved, fatal to liberty.
It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.
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