Some say I'm an overnight success. Well, that was a very long night that lasted about 10 years. But while I do, of course, now feel the pressure having had books that have been very successful, I just know I have to concentrate on writing for myself. I can't worry about genres or markets or what might be commercial or not. That never works.
When growth is slower-than-expected, stocks go down. When inflation is higher-than-expected, bonds go down. When inflation is lower-than-expected, bonds go up.
Prices don't merely reflect what people think things ought to cost today; they also reflect what people expect items to cost tomorrow.
At the end of 2000, most investors were optimistic that a return to quick gains could not be far off.
Clearly as you move to being a public company, probably even more than growth, there is a huge value based on predictability.
For the first four or five years I was in Korea, I took a lot of direction from my management and label in terms of what people want. I found myself trying to fit into that thing I never felt comfortable with because the critique I got was that I was too American, and too sophisticated and polished in terms of my musicality and it won't sell.
The techniques of being an Internet visionary are just like those of lower-tech fortunetellers through the ages. A technological visionary must tell people what they want to hear, because your company's stock won't rise if you spout an unpopular vision to analysts.
The stock market was relieved that the Fed didn't sound tougher, and the stock market seems to figure that everything they like about Donald Trump will come true, and everything they're afraid of about Donald Trump will not come true.
Whatever they announce, they announce. They're in their honeymoon period, and anything they announce gets hype ... They will obviously branch out beyond Internet search, but I think the expectations won't live up to reality.
Usually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting stronger.
Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.
What a company's been earning doesn't mean anything. What you have to look at is what people think it's going to earn. If you can see something in two years is going to be entirely different than the conventional wisdom, that's how you make money.
When the economies of emerging markets don't just grow but beat expectations, there's scarcely a mention.
In a sense, the market, by expecting a fall in prices, discounts that fall and makes it happen right away instead of later. Expectations speed up future price reactions.
Even when [Federal Reserve Chairman Ben] Bernanke said the recession was over ... you think that would have been a bigger boom somewhere, but it seems we just take everything in stride.
I am surprised with the reelection of Mr. Obama. The S&P is only down, like, 30 points. I would have thought that the market on his reelection should be down at least 50%.
Nothing ever surprises me about the market.
And it's interesting, when you look at the predictions made during the peak of the boom in the 1990s, about e-commerce, or internet traffic, or broadband adoption, or internet advertising, they were all right - they were just wrong in time.
It is hard to have great confidence in predicting what market reactions to Fed decisions will be.
I don't want to take a company public and not have it do extremely well and fail the public shareholder.
Financial market participants appear to recognize the FOMC's data-dependent approach because incoming data surprises typically induce changes in market expectations about the likely future path of policy, resulting in movements in bond yields that act to buffer the economy from shocks.
It is more important what the jobs report shows in December and January -- that will affect how many rate hikes we'll have this spring.
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.
I view edge providers as a significant bright spot in our struggling economy. They are tirelessly innovating, growing, and meeting - often exceeding - consumer expectations.
However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because the valuations placed on these securities have implied overly rosy scenarios prone to popular revision in times of more realistic expectation. This is one of those times, but it is my feeling that the revisions have not been severe enough, the expectations not yet realistic enough. Hence, the world's best companies largely remain overpriced in the marketplace.
