A Quote by Seth Klarman
At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital.
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Capital, however capital may be defined, would practically cease to exist as an income producing fund, for the simple reason that if money, wherewith to buy capital, could be obtained for one-half of one per cent, capital itself could command no higher price.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
During the period of capital moving from one employment to another, the profits on that to which capital is flowing will be relatively high, but will continue so no longer than till the requisite capital is obtained.
You know, development sometimes is viewed as a project in which you give people things and nothing much happens, which is perfectly valid, but if you just focus on that, then you'd also have to say that venture capital is pretty stupid, too. Its hit rate is pathetic. But occasionally, you get successes, you fund a Google or something, and suddenly venture capital is vaunted as the most amazing field of all time. Our hit rate in development is better than theirs, but we should strive to make it better.
If, for example, each of us had the same share of capital in the national total capital, then if the share of capital goes up it's not a problem, because you get as much as I do. The problem is that capital in capitalist countries is very heavily concentrated, especially financial capital. So then if the share of income from that source goes up, that actually exacerbates inequality.
An individual or a group of individuals might of course decide at any time that they would like to invest capital with the objective of acquiring still more capital. But, before a certain moment in historical time, it had never been easy for such individuals to do this successfully.
One of the mistakes they often make is the designers over-accessorize or over-elaborate. So you realize: this would work if they removed X and Y. And actually, that's the sort of thing that translates into writing, because a lot of the time you realize, I feel I need to add something here but actually what I need to do is subtract. And then there's always the psychodrama and the tears and the rage and the feuds.
It may seem premature, but you need to be thinking of your exit from the moment you accept capital, because at that moment, you've made an explicit agreement with an investor that he or she will eventually be able to gain liquidity.
One of the most important features of our economic resources is their scarcity: land, labor, and capital goods factors are all scarce, and may all be put to various possible uses. The free market uses them 'productively' because the producers are guided, on the market, to produce what the consumers most need: automobiles, for example, rather than buggies.
In some ways you still have to buy your freedom, but that's because you live in a social structure that's organized around capital, and capital does equate with a certain kind of freedom, especially if you can start to generate capital on your own.
Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently, the world is awash in capital, but the innovations we need to advance aren't there.
At the end of every year, I add up the time that I have spent on the phone on hold and subtract it from my age. I don't count that time as really living. I spend more and more time on hold each year. By the time I die, I'm going to be quite young.
Most entrepreneurs think capital is the biggest problem they have - but it's not. You can have all the capital you want, but if the market fit and ability to adjust are not present, your startup will likely not succeed.
In the struggle between capital and labor, more often than not capital has won, because the real source of value for most companies has historically been the hard assets that they owned and controlled.
I think if you had a capital-gains system where the long, patient capital would actually be rewarded, nanosecond capital turning would not be.
Which would you rather have, capital lined up on your borders, trying to get into your country or trying to get out of your country? We are the capital magnet of this planet and we are the savior for not only people, for not only freedom, but also for capital.
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