A Quote by Peter Cundill
The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.
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The share price must be less than book value. Preferably it will be less than net working capital less long term debt.
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
Thus a long term corporate bond could actually be sold to three separate persons. One would supply the money for the bond; one would bear the interest rate risk, and one would bear the risk of default. The last two would not have to put up any capital for the bond, though they might have to post some sort of collateral.
Any reduction in the corporate tax rate must also come with closing loopholes that have allowed the largest businesses in our country to pay less than they owe.
Traders can cause short-term volatility. In the long run, the market must revert to a sensible price/earnings multiple.
The lower the family income, the higher the probability that the mother must work. Today, 1 out of 5 of these working mothers has children under 3. Two out of 5 have children of school age. Among the remainder, about 50 percent have husbands who earn less than $5,000 a year-many of them much less. I believe they bear the heaviest burden of any group in our Nation. Where the mother is the sole support of the family, she often must face the hard choice of either accepting public assistance or taking a position at a pay rate which averages less than two-thirds of the pay rate for men.
The greater your command of brand loyalty, the less you must worry about price sensitivity and competitive promotions-and the less you must pay for marketing.
I do feel that federation, loose parallel processes, are less than we've got, less than we could have and, in the very long run, less than what God wants in the Church.
I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).
I'm a lot less precious than I used to be about putting things out, for better or for worse. The result of a public that has a very high consumption rate and turnover rate is people listen to more music but spend less time with individual bits of music.
My fear is that of all the choices people face today, the one they rarely consider is, "How can I serve most effectively and fruitfully in the local church?" I wonder if the abundance of opportunities to explore today is doing less to help make well-rounded disciples of Christ and more to help Christians avoid long term responsibility and have less long-term impact.
Walking around with less than ten thousand dollars is completely unacceptable. It's a necessity of life. It gives you freedom. The most important thing in life is a sense of possibility, and you simply can't have it with less than ten thousand dollars in your pocket.
I've got to stop getting obsessed with human beings and fall in love with a chair. Chairs have everything human beings have to offer, and less, which is obviously what I need. Less emotional feedback, less warmth, less approval, less patience and less response. The less the merrier. Chairs it is. I must furnish my heart with feelings for furniture.
The thought of my children growing up in an America with less freedom, less opportunity, and a lower standard of living is a long-term pain I cannot and will not bear.
Your prosperity will grow to the extent that you do. Your feeling of prosperity may require that you overcome the fear of leaving a secure job for a less secure job, with less pay, but a lot more freedom. Fact is, feeling more prosperous doesn't necessarily mean earning more money. Sometimes it means earning less money.
We must recognize that personal freedoms diminish as the welfare state grows. The price of more and more public programs is less and less private freedom.
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