In the space of one hundred and seventy-six years the Mississippi has shortened itself two hundred and forty-two miles. Therefore, in the Old Silurian Period the Mississippi River was upward of one million three hundred thousand miles long, seven hundred and forty-two years from now the Mississippi will be only a mile and three-quarters long. There is something fascinating about science. One gets such wholesome returns of conjecture out of such a trifling investment of fact.
What you pay for an investment is the single biggest determinant for how successful that investment will be. When equity prices are high, your returns will be lower. When they are cheap, your returns will be higher.
The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.
But a lot of businesses out there don't see the return on investment, they look at it as a liability, and until they can understand that proactive security actually returns, gives them a return on investment, it's still a hard sell for people.
Science surrounds you. It's not something that you can step aside, step over or push out of your way because you were never good at science in school. Science is around you. Once you know and embrace that fact, it might stimulate curiosity within you to learn more about the natural world.
If you're looking for investment you've got to think about what the investor gets from being involved with your business. A lot of people think about what they're getting from their point of view but not about what the investor gets out of a deal.
As with any large investment, it can be emotionally difficult to abandon a line of research when it isn't working out. But in science, if something isn't working, you have to toss it out and try something else.
Alas! the joys that fortune brings
Are trifling, and decay,
And those who prize the trifling things,
More trifling still than they.
As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."
If somebody asked for the first draft of something I'd written, it'd probably be pretty close to whatever got published. I get enjoyment out of writing, but I get absolutely no enjoyment out of rewriting, so I don't do much of it. The more you work on something, certainly, the better it gets. But there's also a pretty clear law of diminishing returns.
Textbook science is beautiful! Textbook science is comprehensible, unlike mere fascinating words that can never be truly beautiful. Elementary science textbooks describe simple theories, and simplicity is the core of scientific beauty. Fascinating words have no power, nor yet any meaning, without the math.
A new product, technology, or innovation - such as Bitcoin - has the potential to give rise both to frauds and high-risk investment opportunities. Potential investors can be easily enticed with the promise of high returns in a new investment space and also may be less skeptical when assessing something novel, new, and cutting-edge.
There is no such thing as guaranteed high investment returns. Be wary of anyone who promises that you will receive a high rate of return on your investment with little or no risk.
Every theory in philosophy, which is built on pure conjecture, is an elephant; and every theory that is supported partly by fact, and partly by conjecture, is like Nebuchadnezzar's image, whose feet were partly of iron, and partly of clay.
It is a tenet of my investment style that, on the subject of common stock investment, maximizing the upside means first and foremost minimizing the downside. The deleterious effect of permanent capital loss on portfolio returns cannot be overstated.
Habits are like financial capital – forming one today is an investment that will automatically give out returns for years to come.