A Quote by Kelly Evans
There are two ways to approach the market. You can guess which direction prices will go in next, or you can figure out what businesses and their securities are really worth.
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In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices breaks through the limit in either direction.
We don't understand the equity market well, and so we deploy funds in fixed-income securities, and like any other securities, investment in those securities also need to follow the mark-to-market accounting principle.
I guess the next Attorney General is going to have to figure that out. I don't know if that will be me or not, but the next Attorney General would have to figure that out [ if Hillary Clinton has violated the law].
Though the two issues may seem utterly unrelated, they do have this in common - both health care and higher education are realms of American life in which government has undermined the operation of market forces and caused artificially high prices. These are two arenas in which the Democrats now propose to do exactly the wrong thing. Their reform reinforces old errors and will infinitely compound the problem of rising prices.
Facebook will figure out ways to allow people to have good businesses.
With every movie, we will spend a season of prayer just asking God what's on his heart, and we spent about a year, two years, in prayer, trying to figure out the direction for the next film.
You can say on one hand the market is crazy but it's not 1999. People have had their medicine from overexuberance. I find it really interesting that those two businesses, Yahoo! and Google, which are just online advertising businesses, are valued at more than the media behemoths in America.
There's a lot of entrepreneurs out here who are in school, who just don't know what's next, or can't figure out what direction they should go in. And me graduating motivates them.
We have a swarm of people in the stock market - not out of knowledge, not out of expectation, but out of basically a gambling instinct, the hope that prices will go up.
Golf is a hard game to figure. One day you will go out and slice it and shank it, hit into all the traps and miss every green. The next day you go out and, for no reason at all, you really stink.
The next film I have is called Miles Ahead, which is about Miles Davis, during a five-year period in his life during which he's struggling to figure out which direction to go musically and in his life. I play a record executive who's there to try to get Miles to collaborate with one of my clients. I'm excited to see that.
We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.
The true investor welcomes volatility ... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.
Basically my point of view on unicorns is that private companies which have sky high valuations, it doesn't really mean anything in the real world until it's marked to market. And there's only two ways things get marked to market in venture capital: Either a company is acquired by another company for cash or marketable security, or it goes public, and then it has reporting requirements and then the market will determine the value.
I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.
The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.
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