A Quote by Milton Friedman
You can only make money if you buy a product, whatever it is - maybe a currency, maybe wheat and maybe something else - at a relatively low price and sell it at a higher price than you buy it at. There's no other way to make money.
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I got a lot of money like invested in watches. When I buy watches I make sure, like you could go buy and they're still gonna have the same price, the same value, or maybe more.
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.
When you have more money than anyone, and you can buy the players that you want, OK, you can buy the quality, and maybe you no longer mind about the other things.
To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.
If you're going to sell stock and somebody wants to buy it at a price and that price is not a price you dictate, but demand dictates, sell it to them now.
Maybe money can't buy love - but it can get you practically everything else.
We buy and sell goods. We buy low and sell higher - that's what we all do to make a profit. But I consider a merchant someone who has a certain intuition and instinct, and - very important - knows how to run a business, knows the numbers.
Edge also implies what Ben Graham....called a margin of safety. You have a margin of safety when you buy an asset at a price that is substantially less than its value. As Graham noted, the margin of safety 'is available for absorbing the effect of miscalculations or worse than average luck.' ...Graham expands, "The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price."
I think everyone should sell whatever product they want to sell for whatever price they want to sell it for, but ultimately the market will dictate what it is and people will have to charge less money for everything. Record companies have been overcharging people for way too long and now this is the trouble that they're in.
Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.
Without big money you can't stay at the top. Maybe you can reach it for one year but you can't if you don't have money to buy important players.
Don't sell yourself short. No one will value you. Set a fair price for you, your book, your services, whatever it is that you have to offer. Most of us set way too low a price. Put it a little higher than you would normally be inclined to do. The worst that can happen is someone will come along and steal it.
In my opinion, the greatest misconception about the market is the idea that if you buy and hold stocks for long periods of time, you'll always make money. Let me give you some specific examples. Anyone who bought the stock market at any time between the 1896 low and the 1932 low would have lost money. In other words, there's a 36 year period in which a buy-and-hold strategy would have lost money. As a more modern example, anyone who bought the market at any time between the 1962 low and the 1974 low would have lost money.
Maybe...in a way, this coffee reminds me of something. Maybe...maybe only a philosopher or a mad man would make this connection, but it's a little like life. I mean it's powerful going down and that doesn't even take into account the aftertaste, which really takes getting used to.
You can’t buy that kind of empowerment. To just know that as far as you are aware, you have not got a price; that there is not an amount of money large enough to make you compromise even a tiny bit of principle that, as it turned out, would make no practical difference anyway. I’d advise everyone to do it, otherwise you’re going to end up mastered by money and that’s not a thing you want ruling your life.
If you have a big splash of ecstasy in your life every day you are going to teach students something finer than "buy low/sell high". Maybe you'll teach them, not by what you say but by who you are, to live their lives as a standing affront to the ravaging mercantile mentality.
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