Category Archives: Quotes

What is the magazine business?

What is the magazine, business? It is a business where our main, activity is
chopping down millions and millions of trees, flattening the pulp and printing
hieroglyphics and images on both sides of it. Then we send the end product
out in diesel-guzzling trucks to shops where perhaps 60 per cent of them
sell to customers. We then pile the remaining, unsold magazines into more
diesel-guzzling trucks and take them to a plant where they are either
consumed as fuel, buried or shredded, or used to make cardboard boxes for
refrigerators. That’s the magazine business.-Felix Dennis

What Raghuram Rajan thinks of the markets

“Six years since the financial crisis, central banks still have their foot fully on the accelerator . . . [pushing] credit into emerging markets,” he says. “We don’t know how this will end . . .  It may end smoothly, if we let the air out of these inflated markets slowly, or by a series of mini-crises. But it may be more dramatic if, one fine day, suddenly the world realises the US is going to raise interest rates quite quickly . . . then the air will go out much faster.”-from FT

Charlie Munger answers the Q:How to get rich?

A young shareholder asked Munger how to follow in his footsteps, and Munger brought down the house by saying, “We get these questions a lot from the enterprising young. It’s a very intelligent question: You look at some old guy who’s rich and you ask, ‘How can I become like you, except faster?’”

Munger’s reply was: “Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in
fast spurts. But you build discipline by preparing for fast spurts… Slug it out one inch at a time, day by day, at the end of the day — if you live long enough — most people get what they deserve.”

Imagine & Believe

Bruce Kovner is arguably one of the top hedge fund managers of the past 30 years, averaging a return of 21% net of fees over that period. In responding to a question about what makes a great investor/trader in the book Market Wizards, Mr. Kovner says: “I’m not sure one can really define why some traders make it, while others do not. For myself, I can think of two important elements. First, I have the ability to imagine configurations of the world different from today and really believe it can happen. I can imagine that soybean prices can double or that the dollar can fall to 100 yen.”