A Quote by Morton Shulman
The true secret of success in the investment and speculative world is not so much which good securities to buy, but rather which investments to avoid.
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Historically Turkey hasn't had much success in attracting foreign investment. Slowly that is changing. There's a tradition of arbitrary decisions by government ministers and senior civil servants, which would ruin businesses from one day to the next, and which has tended to deter foreign investment. That's changing, and convergence with E.U. practices is a good thing in that it improves governance.
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.
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good investments and that you wanted to be in good investments, and therefore, you'd just find a few of them that you knew a lot about and concentrate on those seemed to me such an obviously good idea. And indeed, it's proven to be an obviously good idea. Yet 98% of the investing world doesn't follow it. That's been good for us.
The difference between success and failure is not which stock you buy or which piece of real estate you buy, it's asset allocation.
There is very little difference between speculation and investment. The only difference is basically that investments are successful speculations because if you successfully anticipate the future you make a speculative profit.
The Department of Energy made an investment that failed, and it got raked over the coals for that failed investment. This is ridiculous. The fact of the matter is, the government should be making a lot of risky investments, the majority of which are likely to fail.
Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.
Liberalism regards life as an adventure in which we must take risks in new situation, in which there is no guarantee that the new will always be the good or the true, in which progress is a precarious achievement rather than inevitability.
My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.
I want to open up investment even further so over the summer we'll launch a consultation on indirect investments in social enterprises - including exploring the possibility of a new scheme based on the success of venture capital trusts which will enable investors to pool their funds to support a variety of social enterprises.
Liberalism, on the other hand, regards life as an adventure in which we must take risks in new situations, in which there is no guarantee that the new will always be the good or the true, in which progress is a precarious achievement rather than inevitability.
Thus I live in the world rather as a Spectator of mankind, than as one of the species, by which means I have made myself a speculative statesman, soldier, merchant, and artisan, without ever meddling with any practical part of life.
Everybody wants the quick fix, but it doesn't happen overnight. You have to be willing to put it out there. I call it 'the secret to being an overnight success,' which means there really isn't a such thing as an overnight success. ! The secret is you work really hard for 10 years, and then you become an overnight success.
One of the good things that come of a true marriage is, that there is one face on which changes come without your seeing them; or rather there is one face which you can still see the same, through all the shadows which years have gathered upon it.
Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.
Poor people will do almost anything to avoid problems. They see a challenge and they run...the secret to success, my friends, is not to try to avoid or get rid of or shrink from your problems; the secret is to grow yourself so that you are bigger than your problems.
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