A Quote by Sir Mix-a-Lot
The only thing that doesn't drop in a down market is entertainment money.
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The Wall Street Dow Jones up and down thing that's moving when the stock market's open? That thing freaks me out. It's up, it's down, it's just maddening to me. I guess I'm such a super-focused kind of person that I get distracted really easy. I'll watch that thing, and it's like I'm losing money, I'm getting money. It's just crazy.
Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to buy merchandise on sale, but it doesn’t work that way in the stock market. In the stock market, people panic when stocks are going down, so they like them less when they should like them more. When prices go down, you shouldn’t panic, but it’s hard to control your emotions when you’re overextended, when you see your net worth drop in half and you worry that you won’t have enough money to pay for your kids’ college.
We spend a remarkably small, shamefully small, percentage of our income on food. We manage to spend money on lots of other things. All up and down the social ladder you find people with plenty of money for cell phones, home entertainment systems, all other forms of entertainment.
In fact, entertainment has taken the place of celebration in the present world. But entertainment is quite different from celebration; entertainment and celebration are never the same. In celebration you are a participant; in entertainment you are only a spectator. In entertainment you watch others playing for you. So while celebration is active, entertainment is passive. In celebration you dance, while in entertainment you watch someone dancing, for which you pay him.
If we drop money, we are usually very sad if the money is big. But for example, if we drop 310 dollars, we can relax, because this is very small in the 3-adics.
People are putting their money into treasuries because they worry that the risk of putting their money into the bond market, the stock market or even the money markets is very high.
The second thing: nobody has ever been able to drop the ego because ego is not a reality that you can drop; anything to be dropped at least has to be real, substantial. Ego is just a notion, an idea. You cannot drop it, you can only understand it. Can you drop your shadow? You can run as fast as you want but your shadow will run at the same speed, exactly the same speed.
This is a making-money business, and the only way to make money is knocking people out. Lying on someone? That's pathetic to me. You gotta drop a bomb.
The only thing that looks good is the stock market, but if you raise interest rates even a little bit, that's going to come crashing down.
The general message would be to say to all these young people: If you have entrepreneurial aspirations, there is money, there are consumers, there is a huge market. The only thing you need to do is to go there and start doing things.
Without market prices for capital goods, accounting is not possible. You don't know if you are making money or losing money, saving resources or wasting them, doing the right thing or not doing the right thing.
I'm glad I don't have a lot of money in the market. And quite frankly, you'd be better off giving your money to a colorblind roulette addict than put it in the stock market.
Money you know you need or want to spend in the next few years is savings. Money you keep handy for an emergency belongs in savings. Money you hope to use soon for a down payment on a house belongs in savings. And all savings belong in a low-risk bank savings account or money market account.
If you come from a working-class background, you can't afford to write full time, because you're just not being paid. Basically, all my arguments come down to Marxist doctrine: The world is shaped by money, so the only voices you'll hear are the ones with money behind them. But thankfully, culture and cool are some things that circumvent money, because if you're cool, people will want to give you money - suddenly you shape the market and people start coming to you. Which is why culture has always been a traditional way out for working-class people.
Always understand the risk/reward of the trade as it now stands, not as it existed when you put the position on. Some people say, "I was only playing with the market's money." That's the most ridiculous thing I ever heard.
Fame, money and the size of the market are not very important to me. What is, is writing a book that is worth doing and then publishing it. I don't write books for entertainment, for people to pass the time then throw away.
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