A Quote by Robert Reich
If we're concerned about volatility of earnings because we want some more stability in our lives, then let's create, instead of an unemployment insurance system, an earnings insurance system that will moderate the volatility for a certain period of time until we get back on our feet.
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Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings.
The big picture is: the main thing you should be concerned about in the future are incremental returns on capital going forward. As it turns out, past history of a good return on capital is a good proxy for this but obviously not foolproof. I think this is an area where thoughtful analysis can add value to any simple ranking/screening strategy such as the magic formula. When doing in depth analysis of companies, I care very much about long term earnings power, not necessarily so much about the volatility of that earnings power but about my certainty of "normal" earnings power over time.
Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned.
I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more earnings. EVA has ideas about cost of capital that make no sense. Of course, if a company generates high returns on capital and can maintain this over time, it will do well. But the mental system as a whole does not work.
We confuse insurance with our moral obligation to provide health-care services to people. And what we try to do is finance our moral obligation through the insurance system, which punishes the people who are fiscally responsible to buy insurance.
A robust, sustainably funded unemployment insurance system is Connecticut's most important tool for keeping our families out of poverty and our economy in motion during a recession.
It's an advantage for both parties to have the other. It also creates good stability of earnings. Our business mix means we have a diversified earnings stream, which is one of the things why we got through the tough times so successfully.
In the '50s and in the '60s, the private insurance system originally was a benefit for the bureaucrats in Germany. And this system became ever bigger because the private insurance industry lobbied successfully for making this system bigger. In the '70s and in the '80s, they managed to find a system where they could take everyone beyond 40,000 euros income per year but didn't have to take everyone. So they only took those that had both high income and a secure job and who was not ill at that time.
Because of that [Brexit], you're going to have slow growth and, unfortunately, while there may not be huge volatility, there will be volatility.
Traders can cause short-term volatility. In the long run, the market must revert to a sensible price/earnings multiple.
For people who have health insurance, we can provide health insurance reforms that make the insurance they have more secure. And we can do that mostly by using money that every expert agrees is being wasted and is currently in the existing health care system.
Unemployment insurance was meant to be a bridge for temporary spells of unemployment. The bad news is all the evidence is that the longer you have unemployment insurance, the longer people stay out of work, their skills erode. The job they ultimately get pays less. And that's not to their benefit.
I want to say something in a tough-love kind of way about crop insurance. Let's face it: You don't buy insurance on your house hoping it will burn down. Neither do we want to buy crop insurance and hope our crop fails so we can file.
The premise of insurance is to spread the risk. It's the premise of homeowner's insurance, of car insurance, and of health insurance. It's one reason why it's important to have insurance when you're healthy, so that when you get sick, you won't go sign up just when you get sick, because that increases the cost for everyone.
In 1969, we decided we had to do certain things technically to win, and we decided to do them then, even though we knew some of the personnel couldn't do it. In other words, instead of adapting the system to the players, we just installed our system. Then we set out to fill our team through the draft.
Term Life Insurance is the only insurance I recommend. It's the least expensive way to get the coverage your family needs and allows you to lock in rates for 15, 20 or 30 years. Zander's online quoting system will help you find the most competitive options. It's more affordable than you think!
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