A Quote by Louis L'Amour
Today you can buy the Dialogues of Plato for less than you would spend on a fifth of whiskey, or Gibbon's Decline and Fall of the Roman Empire for the price of a cheap shirt. You can buy a fair beginning of an education in any bookstore with a good stock of paperback books for less than you would spend on a week's supply of gasoline.
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Every historian has a vested interest. "The Decline and Fall of the Roman Empire" was not about the Roman but the British empire. What price the truth?
As a child, I was an obsessive reader, as was everybody in my family all winter long with my father. I think I was only 8 when I read Edward Gibbon's 'The History of the Decline and Fall of the Roman Empire.'
When Edward Gibbon was writing about the fall of the Roman Empire in the late 18th century, he could argue that transportation hadn't changed since ancient times. An imperial messenger on the Roman roads could get from Rome to London even faster in A.D. 100 than in 1750. But by 1850, and even more obviously today, all of that has changed.
There's no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
We've been trained to spend money since we were born with all these commercials with toys and G.I. Joes and Transformers. But there's so many things in the supermarket, there's so many things on television that automatically, when you turn it on, are saying, 'Buy! Buy! Buy! Buy! Buy! Buy! Buy!'
Gasoline prices are a direct reflection of the cost of the raw materials to produce the gasoline, no different than any other product that you would buy, whether it's a good or some other consumable, or it's a luxury item. It's all a function of what do the raw materials cost.
What do you mean less than nothing? I don't think there is any such thing as less than nothing. Nothing is absolutely the limit of nothingness. It's the lowest you can go. It's the end of the line. How can something be less than nothing? If there were something that was less than nothing, then nothing would not be nothing, it would be something - even though it's just a very little bit of something. But if nothing is nothing, then nothing has nothing that is less than it is.
A citizen of the Roman Empire, for example, would have placed less value on individual liberty in the modern Western sense than on collective responsibility.
Now the look of the book dictates the sale. In my day you could still buy a good cookbook in paperback with no pictures at all. I doubt if that would sell today. But those books were much used: they lived in the kitchen and got splattered with custard and gravy.
Not everyone can afford to eat well in America, which is a literal shame, but most of us can: Americans spend less than 10 percent of their income on food, less than the citizens of any other nation.
For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
It's possible to go to the market, buy good ingredients, and make yourself a healthy meal for less than it costs to buy a value meal at McDonald's.
You cannot take shortcuts. We've shown that we can spend more on ingredients, not less, and charge a fair price.
Where people work longest and with least leisure, they buy the fewest goods. No towns were so poor as those of England where the people, from children up, worked fifteen and sixteen hours a day. They were poor because these overworked people soon wore out -- they became less and less valuable as workers. Therefore, they earned less and less and could buy less and less.
My philosophy is to save, spend minimally, and buy things as much as you can on sale, never pay full price, and just don't spend a lot of money at the end of the day.
You must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.
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