There's no chance that the iPhone is going to get any significant market share.
I started trading around 1979, fresh out of college. In the early '90s, I started guesting for major news media.
'Reinventing the Bazaar,' by John McMillan, is a great and fun introduction to the wild variety and importance of markets throughout history and around the world. I finally understood how a Middle Eastern souk actually works economically and how to compare that to modern-day telecom-spectrum auctions. I love that book.
The financial markets generally are unpredictable. So that one has to have different scenarios... The idea that you can actually predict what's going to happen contradicts my way of looking at the market.
All sensible investing is value investing
A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.
Soros is the best loss taker I've ever seen. He doesn't care whether he wins or loses on a trade. If a trade doesn't work, he's confident enough about his ability to win on other trades that he can easily walk away from the position.
My business acumen is definitely growing.
Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.
Having the opportunity to follow the market frequently gives you the opportunity to see if you need to reevaluate your portfolio. But reevaluating your portfolio shouldn't trigger a sell signal so frequently.
The reality is, I've started multiple companies, so actually I'm probably more of a product/creative person than I am sales. Although I can do both.
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
I like the idea of using all this science and technology to allow for our clients to have a deeper insight into the market.
I spend most of my career as a management consultant, a businessman working with family-owned small and medium-sized businesses. The businesses that make up the core of our economy.
I never try to predict the market.
I received most of my business education around the dinner table. Whether I listened to my father or brothers, or we had business people as dinner guests, I learned from everyone.
I don't know whether I make myself plain, but I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn't get you anywhere.
I believe business news is general news.
A speculator is a man who observes the future, and acts before it occurs.
To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.
In terms of segments, I think we've done 1,200.
I learned the life of business, commerce - it's an art.
Business ends up being very dynamic and situational.
Because everybody else was investing in the consumer Internet, I did, too.
Producing suits me because I have a business mind and a business sensibility.
