Great Market Quotes
In light of the recent market action, this collection of market quotes is quite apropos:
"Markets can remain irrational longer than you can remain solvent."
— John Maynard Keynes"The only thing that can console one for being poor is extravagance."
— Oscar Wilde"It is pretty hard to tell what does bring happiness; poverty and wealth have both failed."
— Kin Hubbard"The key to making money in stocks is not to get scared out of them."
— Peter Lynch"If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem."
— JP Getty"You try to be greedy when others are fearful, and fearful when others are greedy."
— Warren Buffett"A cynic is a man who knows the price of everything, and the value of nothing."
— Oscar Wilde"Do you know the only thing that gives me pleasure? It is to see my dividends coming in."
— John D. Rockefeller"A gold miner is a liar standing beside a hole in the ground."
— Mark Twain"There was a time when a fool and his money were soon parted, but now it happens to everybody."
— Adlai Stevenson"It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges."
— John Maynard Keynes"The safe way to double your money is to fold it over once and put it in your pocket. "
— Frank Hubbard"Save a little money each month and at the end of the year you'll be surprised at how little you have."
— Ernest Haskins
Wednesday, August 08, 2007 | 03:30 PM | Permalink
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"You try to be greedy when others are fearful, and fearful when others are greedy." That would imply we all should have bought on Thursday and Friday of last week, wouldn't it?
~~~
BR: Depends upon your definition of greed and fear -- I don't know about you, but I certainly do not define any market within 4% of its all time highs as one that is filled with fear.
Posted by: Bill aka NO DooDahs! | Jul 30, 2007 3:51:10 PM
"...the experience of years as a stock operator has convinced me that no man can consistently and continuously beat the stock market though he may make money in individual stocks on certain occasions... There is no asphalt boulevard to success in Wall Street or anywhere else." --Jesse Livermore
Posted by: Grodge | Jul 30, 2007 4:03:20 PM
The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works.
Gordon Gekko
~~~
BR: I am amazed how many people quote that, forgetting that Gordon Gekko was morally bankrupt, goes to jail, and loses everything.
He is not a hero, but an anti-hero.
Posted by: LAWMAN | Jul 30, 2007 4:26:33 PM
"Whether you think you can, or you can't -- you're right!"
Henry Ford
Posted by: Fred | Jul 30, 2007 4:29:31 PM
"He who sees the empty glass as half full is not an optimist"
Rodolfo Zanzibar
Posted by: KirkH | Aug 8, 2007 3:34:57 PM
Barry,
I appreciate you pointing out that Gekko's philosophy is not something to be emulated. It seems to me the same kind of Greed he is talking about is exactly the type of greed that lead to the Enrons, and WorldComs behavior in the very late 90's that led to their collapse in the 2000's and the eventual loss of many thousands by many individuals while the few at the helm of those companies had already gotten rich off of what can only be described as their greedy schemes.
In the past, I worked at a place where the movie "Boiler Room" was heralded as a model for sales. I wasn't in the sales department but it was talked about so much that I needed to see the movie. After I saw it, I was sick to my stomach knowing that was be used as a model for sales where I was working. Glen Garry Glen Ross was also talked about a fair amount although not nearly as much as Boiler Room as was the movie Dot Com. I have not seen either of those but am almost scared to. Luckily I am no longer there so it might be instructive in hindsight to see those as well.
Posted by: Red Ocean | Aug 8, 2007 3:39:39 PM
"There are more fools in the world than there are people." - Heinrich Heine
explains everything!!!!!
Posted by: MarkTX | Aug 8, 2007 3:39:53 PM
Coffee??? Coffee is for closers...now get back to work.
Glengary Glenross
or Hank Paulsen FTM...
Ciao
MS
Posted by: michael schumacher | Aug 8, 2007 3:51:37 PM
"Maria Bartimoro and Richard Branson on a plane together: what was CNBC thinking?"
- Anonymous
Posted by: John F. | Aug 8, 2007 4:00:33 PM
Looks like Hank was at work in the last 30 minutes today.....or was it a fat thumb....
same ol' same ol'
Posted by: MarkTX | Aug 8, 2007 4:06:46 PM
Is the glass half empty, or half full?
Niether, the Glass is too big.
-me circa 1999
Posted by: ajmstilt | Aug 8, 2007 4:08:50 PM
someone emailed me that a rumor was that Goldman was supposedly announcing that one of it's quant funds had failed.
No idea where it came from but that would explain some of the action of the last 1.5 hours.
Ciao
MS
Posted by: michael schumacher | Aug 8, 2007 4:09:45 PM
I've always said I want to buy a company that any fool can run because eventually one will.
Peter Lynch
Posted by: GerryL | Aug 8, 2007 4:20:34 PM
so in other words.....
wash...rinse...repeat...
Posted by: MarkTX | Aug 8, 2007 4:20:39 PM
"October. This is one of the peculiarly dangerous months to speculate in stocks in. The others are July, January, September, April, November, May, March, June, December, August, and February."
—Mark Twain
Posted by: Schizohedron | Aug 8, 2007 4:25:09 PM
Capitalism, the system that is supposed to help the greater good by encouraging everyone to keep as much as they can for themselves!
It's Pure Unadulterated Genius!
Posted by: Kp | Aug 8, 2007 4:33:23 PM
"In the long run we are all dead"
Keynes
Posted by: JAN | Aug 8, 2007 4:38:49 PM
"If something cannot go on forever, it will stop." - Herbert Stein.
By the way, Barry, about the Gecko quote. Many people also enjoy the quote from Shakespeare "First, let's kill all the lawyers." It was delivered by one of the play's villains, describing how he would take over the kingdom.
Posted by: Ted Craig | Aug 8, 2007 4:52:08 PM
How about... "No market collapses unless you are long..." or "Once a trend is established, it will change...."
Yeah..! That was some close, Aye...?
Talk about painting the picture.....
Good luck to all,
Econolicious
Posted by: ECONOMISTA NON GRATA | Aug 8, 2007 4:55:28 PM
BR: I am amazed how many people quote that, forgetting that Gordon Gekko was morally bankrupt, goes to jail, and loses everything.
--
He musn't lose everything...he's coming back in Wall Street II.
And its a great quote, still as timely today as it was then. See, e.g., BSC, LEND, AHM, etc., etc., etc.
Posted by: LAWMAN | Aug 8, 2007 5:06:49 PM
"Rumor travels faster, but it don't stay put as long as truth."
Will Rogers
Posted by: mote | Aug 8, 2007 5:20:33 PM
ot, just wondering if any of you folks had some stats on the last 30 mins. (dow) volume,bid/ask. are bernanke and paulson saying one thing and doing another?
Posted by: randy | Aug 8, 2007 5:22:50 PM
The fluctuation in the USD/JPY --"Yen Carry Trade" seems to have ruled the game again today. It is comforting to know that our undervalued, cheap stock market -- backed by a "strong" and "prosperous" thriving economy (ALL DUE to the Bush Tax Cuts-- Of Course) can be thrown around like a rag doll based upon the current fluctuations in this exchange rate. At least the bond market (10 year) seems to have acted rationally today... Why treasury yields dropped to these levels in the first place-- I have no idea (although if I had to take a stab at it I'd say the BOJ was buying treasuries hand over fist).
Did anyone really believe B.S. Bernanke was going to Hint at a rate cut in the FEDS speech, given the fact that Inflation (even understated as it is) remains a thorn in the FEDS side--- and that, at least according to the Majority of the Experts on CNBS, the Housing Bust and recent "Credit Market Dislocation" is "well contained".
The Chinese and Australian governments are both concerned about Inflation. I'm not sure about Japan but according to this article from Bloomberg (take it for whatever it's worth) it looks as though the Japanese Central Bank may be raising rates too...
August 2 – Bloomberg (Lily Nonomiya and Masahiro Hidaka): “Japanese companies may increase spending at the fastest pace in 17 years, the Development Bank of Japan said, adding to evidence that the central bank may raise interest rates as soon as this month. Companies plan to increase spending 11% in the year ending March 31…”
With Interest Rates rising in the U.K., China, Australia etc. one would think this would further exacerbate the problems in the Credit Markets.
With (a hint of) interest rates set to rise in Japan, one would also think the Yen would start rising against the Dollar...
Posted by: John | Aug 8, 2007 5:29:56 PM
Kp,Keynes said something similar...
“Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.”
My rebuttal:
"Capitalism is the belief that wickedest of men will get jobs as politicians."
Posted by: KirkH | Aug 8, 2007 5:35:05 PM
Greed is good, as long as you stay within the rules of the game. Wall Street was about what happens when you play outside of the rules.
Posted by: Dan | Aug 8, 2007 5:49:46 PM
