A Quote by Peter Cundill

I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose ought to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.

Peter Cundill

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Peter Cundill
1938 - January 24, 2011

If we face recession, we should not lay off employees; the company should sacrifice a profit. It's management's risk and management's responsibility. Employees are not guilty; why should they suffer?

Akio Morita

Auto repair, piloting, skiing, perhaps even management: these are skills that yield to application, hard work, and native talent. But forecasting an uncertain future and deciding the best course of action in the face of that future are much less likely to do so. And much of what we've seen so far suggests that a large group of diverse individuals will come up with better and more robust forecasts and make more intelligent decisions than even the most skilled "decision maker."

James Surowiecki

Faith is not a political strategy and should not be a political strategy. If it is being used as a tool to garner votes, to convince people they should support one political party or the other, I think that is a huge mistake.

John Edwards

I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.

Warren Buffett

Contemporary technology could be used to eliminate ownership and management of corporations. It could be used to provide - lets say Apple computers. In principle information technology could be used to provide direct information to the work force on the ground so that they could democratically decide what the company would do, eliminating the role of management. It could be used for that. People aren't developing technology for that purpose.

Noam Chomsky

There is no reason why one should believe you should leave out politicians in cricket or any sport for that matter. There are ways and means in which government can assist in the management and development of players.

Roosevelt Skerrit

In choosing a portfolio, investors should seek broad diversification, Further, they should understand that equities--and corporate bonds also--involve risk; that markets inevitably fluctuate; and their portfolio should be such that they are willing to ride out the bad as well as the good times.

Harry Markowitz

It's my guess that something like 5% of GDP goes to money management and itsattendant friction. I define it broadly - annuities, incentive pay, all trading, etc. Nobody else has used figures that high, but that's my guess. Worst of all, the people doing this are among the best and the brightest. Hundreds and thousands of engineers, etc. are going into hedge funds and investment banking. That is not an intelligent allocation of the brainpower of the civilization.

Charlie Munger

All depends really on what kinds of assumptions you make. When you're forecasting things that will be happening 50 to 100 years in the future, it's really hard to predict what's going to happen that far out, so you have to make a bunch of assumptions.

Richard Harris

There is no good reason why we should fear the future, but there is every reason why we should face it seriously, neither hiding from ourselves the gravity of the problems before us nor fearing to approach these problems with the unbending, unflinching purpose to solve them aright.

Theodore Roosevelt

When things go wrong, the standard management strategy is to decide who takes the blame. This should be an underling, as far down the chain as possible, but preferably with some visibility so people know management means business.

Jack McDevitt

The U.K. should see overseas aid as an investment in the future potential of a market and shouldn't be used as a stick to bash trading partners and strategic allies with.

Barry Gardiner

Make everything as simple as possible, but not simpler. A man should look for what is, and not for what he thinks should be. We cannot solve our problems with the same thinking we used when we created them. A question that sometimes drives me hazy: am I or are the others crazy? Any intelligent fool can make things bigger and more complex... It takes a touch of genius - and a lot of courage to move in the opposite direction. All religions, arts and sciences are branches of the same tree. It's not that I'm so smart, it's just that I stay with problems longer.

Albert Einstein

It is important for investors to understand what they do and don't know. Learn to recognize that you cannot possibly know what is going to happen in the future, and any investment plan that is dependent on accurately forecasting where markets will be next year is doomed to failure.

Barry Ritholtz

When I'm in management meetings when we're deciding my future, those decisions are left up to me. I'm the one who has to go out and fulfill all these obligations, so I should be able to choose which ones I do or not. That's the part of my life where I feel most in control.

Taylor Swift

Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.

Seth Klarman

A Quote by Peter Cundill

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