A Quote by Steve Wynn
My organization, my colleagues and I, are paid to run hotels in good times and fair times. We're professionals. That's what we do. I don't give a damn about the short-term market implications.
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A lot of times when you have very short-term goals with a high payoff, nasty things can happen. In particular, a lot of people will take the low road there. They'll become myopic. They'll crowd out the longer-term interests of the organization or even of themselves.
Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.
Good times are a reminder and a reward for dealing with the difficult and challenging times we all go through. The trick is to celebrate the good times in advance of the difficult times. Always remember, good times await you after the difficult times pass.
I love when I think we're taking territory - if it makes sense in the long term, we just don't give a damn what it looks like in the short term. After all, we're running a cult, not a normal company.
I don't accept the term 'political rapper' because I don't give a damn about either political party. I give a damn about the people.
Bad times, hard times, this is what people keep saying; but let us live well, and times shall be good. We are the times: Such as we are, such are the times.
Short-term market and economic prognostication is largely a fool’s errand, we invest according to a strategy that makes the need to rely on short-term market or economic assessments largely irrelevant.
'Fair' is, like, this incredibly overused term in negotiations: 'I just want what's fair.' 'What's the fair market price?'
Over the long term, despite significant drops from time to time, stocks (especially an intelligently selected stock portfolio) will be one of your best investment options. The trick is to GET to the long term. Think in terms of 5 years, 10 years and longer. Do your planning and asset allocation ahead of time. Choose a portion of your assets to invest in the stock market - and stick with it! Yes, the bad times will come, but over the truly long term, the good times will win out - and I hope the lessons from 2008 will help get you there to enjoy them.
Traders can cause short-term volatility. In the long run, the market must revert to a sensible price/earnings multiple.
The US is to an unusual extent a business-run society, where short-term concerns of profit and market share displace rational planning.
I've been going a long time now along the way I've learned some things. You have to make the good times yourself take the little times and make them into big times and save the times that are all right for the ones that aren't so good.
We live in a society that likes to kick people when they’re down. Don’t be a fair-weather friend. Stick with people. They need you more in the tough times than they do in the good times.
I'm happy to work when I've worked, and you've got to take the hard times with the good times. But there are times where I'm not as financially set as one might assume. So you have concerns about, 'Wow, I have this level of notoriety and... I better get a job.'
A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.
I think you'll do as well as most professionals. Most professionals don't beat the market. Let's not over-rate my industry. But if you have time, you can be in good mutual funds that have good records.
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