A Quote by Sergio Marchionne
People are very focused on value and preservation of capital. They're a lot less risk-prone than they used to be.
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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.
The hollowing out of the middle class. That's not just about capitalism or the structure of taxation. That is also about the fundamental truth that machines can do a lot of things better than humans used to do. A lot of those people are being pushed down to do less value-adding jobs, so they get paid less money.
The real problem with the Republican Party is that for decades it has shifted constantly to the right politically. Consequently, the Republican Party is picking up a very different demographic than it used to, a less well-educated demographic of people who are more prone to authoritarianism.
People are still very focused on the startup story: Risk-taking founders, with a bold idea, some capital and a network supportive environment, go out and take the shot on goal. But the problem is, this is no longer the truth about what makes Silicon Valley so special.
Normal adults can doodle, amble, and drift with no need to assess risk, since there is normally no risk at all. Jazz improvisation seems less subject to standards of risk than surgery, and less than much formal athletic performance, as in a tennis match.
In general President Obama's policies have been very, very skewed and very, very extreme. Like on healthcare for example, I don't think that trying to ram healthcare through was a smart idea politically, because he wasted a lot of capital and now he doesn't have any of that same capital with even his own party that he used to have.
An increase in the productivity of labour means nothing more than that the same capital creates the same value with less labour, or that less labour creates the same product with more capital.
I think that the environmental movement is wisely moving away from a largely emotion-based argument for the spiritual or intrinsic value of Nature with a capital "N" and evolving toward a very hard-nosed case for the economic value of natural capital, ecosystem services, biodiversity, etc.
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.
The 'rock world' is a lot smaller than it used to be. It's doing a lot less things than it used to be. From Woodstock back in the day and Rage Against the Machine, no one sells millions of records anymore.
I've found that a lot of successful poker players grew up poor. And I'm convinced that poor people have a risk tolerance that rich people don't have because poor people fundamentally don't value money that much because they're used to not having it.
Using volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return.
When you realize the value of all life, you dwell less on what is past and concentrate more on the preservation of the future.
The purpose of finance is to enable business to acquire the ownership of capital instruments before it has saved the funds to buy and pay for them. The logic used by business in investing is things that will pay for themselves is not today available to the 95% born without capital. Most of us owe instead of own. And the less the economy needs our labor, the less able we are to "save" our way to capital ownership.
Stress makes us prone to tunnel vision, less likely to take in the information we need. Anxiety makes us more risk-averse than we would be regularly and more deferential.
I used to think that good short-sellers could be trained like long-focused value investors because it should be the same skill set; you’re tearing into the numbers, you’re valuing the businesses, you’re assigning a consolidated value, and hopefully you’re seeing something the market doesn’t see.But now I’ve learned that there’s a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.
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