Equities are boring; bonds are disgusting.
There are two times in a man's life when he should not speculate [on the Stock Market]: when he can't afford it, and when he can.
Samuel Langhorne Clemens, 1835-1910
I never lost money by turning a profit.
Capital is money, capital is commodities. By virtue of it being value, it has acquired the occult ability to add value to itself. It brings forth living offspring, or, at the least, lays golden eggs.
It's one of the fundamental principles of the stock market: When interest rates go up, stocks go down. And along with financial companies and cyclicals, technology companies - with their sky-high price-to-earnings multiples - should be among the biggest losers in an environment of rising rates.
The accumulation of capital involves the expansion of value over time.
It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow.
Usually, you measure appetite of investors by their ability or willingness to take a bit of leverage on their positions.
If you want to invest in us, we believe customer number one, employee number two, shareholder number three. If they don't want to buy that, that's fine. If they regret, they can sell us.
There are two main drivers of asset class returns - inflation and growth.
Money is the seed of money.
Wall Street is always too biased toward short-term profitability and biased against long-term growth.
A great business at a fair price is superior to a fair business at a great price.
The index fund always gives you the market return.
There's money in the old stuff, but there's more wealth created in the new growth areas.
I started a private equity fund and we invest in energy, mining, agriculture kind of things in Africa.
It's not hard to generate a paper fortune in a huge inflation. All you have to do is own the most important economic assets: energy, communication, and transportation.
Money you won't need to use for at least seven years is money for investing. The goal here is to have your account grow over time to help you finance a distant goal, such as building a retirement fund. Since your goal is in the future, money for investing belongs in stocks.
In the long run, investing is not about markets at all. Investing is about enjoying the returns earned by businesses.
The rate of interest acts as a link between income-value and capital-value.
When we look at our business, we are not that concerned about short term valuations.
I like to invest in companies where I can really add value from my experience, network, etc., so checking out my portfolio of other investments, and my background, will generally give some guidance there.
Money makes money. And the money that makes money makes more money.
I have not been a believer of point guidance. It really limits your flexibility to do what you want. It leads to behavior that is not supportive of long-term shareholder value.
I expect my return to be 18 to 25 percent in 1988, while the Standard & Poor's 500 should rise 8 to 12 percent and OTC stocks gain 15 percent as liquidity emerges.
