A Quote by John Templeton
Before this century is over, the Dow Jones Industrial Average will probably be over one million versus around 10,000 now. So for the long-term, the outlook is tremendously bullish if you buy stocks blindly to keep for a century.
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I understand Goldman Sachs businesses. We do lot of business with him, and GE has been - I think it's the longest running stock in the Dow Jones industrial average. It will be 100 years now it will be around. I hope I'm around then, too. And it was an attractive investment. And we have had a lot of money around, over the last two years, and we're seeing things that are attractive now.
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.
Somebody once told me - and I could be wrong about this - that The West Wing was, on any given episode, $300,000 over, on average. Now today, if you were $10,000 over budget, they would cancel you. For sure.
It is time... to end the long-standing and unproductive methodological debate over 'originalism' versus 'dynamism' or 'evolution' and focus instead on how, as a substantive matter, we should interpret the Constitution in the twenty-first century, and what it has to say on questions unimaginable to our eighteenth-century Framers.
In the stock market (as in much of life), the beginning of wisdom is admitting your ignorance. One of the many things you cannot know about stocks is exactly when they will up or go down. Over the long term, stocks generally rise at a nice pace. History shows they double in value every seven years or so. But in the short term, stocks are just plain wild. Over periods of days, weeks and months, no one has any idea what they will do. Still, nearly all investors think they are smart enough to divine such short-term movements. This hubris frequently gets them into trouble.
Other centuries had their driving forces. What will ours have been when men look far back to it one day? Maybe it won't be the American Century, after all. Or the Russian Century or the Atomic Century. Wouldn't it be wonderful, Phil, if it turned out to be everybody's century, when people all over the world--free people--found a way to live together? I'd like to be around to see some of that, even the beginning.
I buy stocks when they are battered. I am strict with my discipline. I always buy stocks with low price-earnings ratios, low price-to-book value ratios and higher-than-average yield. Academic studies have shown that a strategy of buying out-of-favor stocks with low P/E, price-to-book and price-to-cash flow ratios outperforms the market pretty consistently over long periods of time.
The 19th century was a century of empires, the 20th century was a century of nation states. The 21st century will be a century of cities.
Given that the nineteenth century was the century of Socialism, of Liberalism, and of Democracy, it does not necessarily follow that the twentieth century must also be a century of Socialism, Liberalism and Democracy: political doctrines pass, but humanity remains, and it may rather be expected that this will be a century of authority ... a century of Fascism. For if the nineteenth century was a century of individualism it may be expected that this will be the century of collectivism and hence the century of the State.
We continue to advise that investors remain committed to a patient, long-term outlook and that the best way to do well in stocks is to use a disciplined, time-tested strategy that has the benefit of empirically tested results over a variety of market environments.
'Cyberspace' as a term is sort of over. It's over in the way that, after a certain time, people stopped using the suffix '-electro' to make things cool, because everything was electrical. 'Electro' was all over the early 20th century, and now it's gone. I think 'cyber' is sort of the same way.
The 20th Century was the century of Aviation and the century of Globalization. The next century will be the century of Space.
The blue-chip Dow Jones Industrial Average has closed higher in 17 of the 21 sessions since Donald Trump was elected president, with about a dozen record closes so far as it continues marching higher.
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.
One century's saint is the next century's heretic ... and one century's heretic is the next century's saint. It is as well to think long and calmly before affixing either name to any man.
Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.
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