A Quote by Charlie Munger
We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.
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Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.
Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.
We don't know what our health care costs are going to be. We don't know what our tax rates are going to be. We don't know what our interest rates are going to be. We don't know what our energy costs are going to be. All these uncertainties are being driven by the Government's agenda. What we really need to do is get Government to step back.
Our youth deserve the opportunity to complete their high school and college education, free of early parenthood. Their future children deserve the opportunity to grow up in financially and emotionally stable homes. Our communities benefit from healthy, productive, well-prepared young people.
The yen is trading where it's trading because people are guessing about people's future interest rates, dollar and yen and about the future growth potential of the economies. And, if this policy works, then the yen will probably strengthen.
I first started in tech when one of my friends and I decided it was a good opportunity to start a company while we were in school because we had almost no opportunity cost. Our opportunity cost was playing 'World of Warcraft' and drinking beer. We thought it was a good time to try something.
If inflation is brought down, interest rates will fall. Once rates fall, we have the opportunity to maybe achieve the goal of 'housing for all' faster; take roads, infrastructure to India's interiors.
The supply-side effect of a restrictive monetary policy, moreover, is likely to be perverse. High interest rates enter into costs and thus exert inflationary pressure, as well as inhibiting the expansion of capacity or the introduction of cost -reducing capital improvements.
If you put tariffs in place, it creates inflation. If you put inflation in place, you have to raise interest rates. You raise interest rates, and stock markets shouldn't be so high.
The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity; on the ability to extend opportunity to every willing heart - not out of charity, but because it is the surest route to our common good.
The lack of opportunity is ever the excuse of a weak, vacillating mind. Opportunities! Every life is full of them. Every newspaper article is an opportunity. Every client is an opportunity. Every sermon is an opportunity. Every business transaction is an opportunity, an opportunity to be polite, an opportunity to be manly, an opportunity to be honest, an opportunity to make friends.
If the goal is to dramatically improve college completion rates, not college-going rates by itself but college completion, it's not just a college problem. We need a big focus on early childhood education. Our early childhood education system is pretty good in this country. Not enough students have opportunity. And, very discouragingly, they lose their advantage because they go to poor schools after that. So, let's focus on our babies.
It doth not yet appear what we shall be. We lie here in our nest, unfledged and weak, guessing dimly at our future, and scarce believing what even now appears. But the power is in us, and that power is finally to be revealed. And what a revelation will that be!
It is always the young that make the change. You don't get these ideas when you're middle-aged. Young people have daring, creativity, imagination and personal computers. Above all, what you have as young people that's vitally needed to make social change, is impatience. You want it to happen now. There have to be enough people that say, ‘We want it now, in our lifetime.’ This is your moment. This is your opportunity. Be adventurists in the sense of being bold and daring. Be opportunists and seize this opportunity, this moment in history, to go out and save our country. It's your turn now.
Our nation is defined by an unshakable belief that we, the people, have the ability to control our destiny. A belief that anyone can reach out and grab opportunity and create a more prosperous future for themselves, their children and their grandchildren.
Some of our important choices have a time line. If we delay a decision, the opportunity is gone forever. Sometimes our doubts keep us from making a choice that involves change. Thus an opportunity may be missed.
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