Investment-related quotes

There are only two kinds of forecasters – those who don’t know and those who don’t know they don’t know. 
John Kenneth Galbraith

A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.
Robert Frost

When the tide goes out you can see who has been swimming naked.
Warren Buffett

Be fearful when others are greedy and greedy when others are fearful.
Warren Buffett

Short-term clients look for gurus.  Long-term clients want sages.  There are no gurus.
Harold Evensky

Security is mostly a superstition; it doesn’t exist in nature.
Helen Keller

For all long-term investors, there is only one objective – maximum total real return after taxes.
John Templeton

 “Send your grain across the seas,
and in time, profits will flow back to you.
But divide your investments among many places,
for you do not know what risks might lie ahead.
When clouds are heavy, the rains come down…
…Farmers who wait for perfect weather never plant.
If they watch every cloud, they never harvest…
…Plant your seed in the morning and keep busy all afternoon, for you don’t know if profit will come from one activity or another – or maybe both…”
King Solomon


The beginning is the most important part of the work.
Plato 

A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.
Suze Orman

He who wishes to be rich in a day will be hanged in a year.
Leonardo da Vinci

Everything should be made as simple as possible, but not simpler. 
Albert Einstein

Compound interest is the most powerful force on earth.
Albert Einstein

It’s not that I am smarter; I just stay with problems longer.
Albert Einstein

He that cannot abide a bad market, deserves not a good one.
John Ray 

The evidence on investment managers’ success with market timing is impressive – and overwhelmingly negative.
Charles D. Ellis 

Money is of a prolific generating nature.  Money can beget money, and its offspring can beget more.
Benjamin Franklin


Time is Archimedes’ lever in investing.
Charles D. Ellis 

Change is the investor’s only certainty.
T. Rowe Price, Jr.

The nightingale which cannot bear the thorn – it is best that it should never speak of the rose.
Anwar-i-Suhaili

Risk drives returns.
Charles Ellis

You have to pick what you’re going to be worried about.  Markets are volatile, but retirement is certain.
Nick Murray

Not to decide is to decide.
Gary Helms

Pay tax on what you take not what you make.  If you can eliminate the government as 39.6% partner, then you will be much better off.
Warren Buffett

Any security specific selection decision is preceded either implicitly or explicitly by an asset allocation decision.
Scott Lummer and Mark Riepe

The most treasured asset in investment management is a steady hand at the tiller.
Robert Arnott

The art of taxation consists in so plucking the goose as to get the most feathers with the least hissing.
Jean Batiste Colbert

What the wise man does in the beginning, the fool does in the end.
Unknown

Whenever you find yourself on the side of the majority, it is time to reform. "It ain't what you don't know that gets you into trouble.  It's what you know for certain that just ain't true."  Thinking that you know the future.
Mark Twain

Never forget the six-foot tall man who drowned crossing the river that was five feet deep on average.  The important thing to remember about investing is that it is not sufficient to set up a portfolio that will survive on average.  The key is to survive at the low ends.
Howard Marks

"Risk means more things can happen than will happen.”  It is not standard deviation.  It is not variability.  It is this sense that the future events are highly variable and unknowable that gives us the best sense for risk.
Elroy Dimson

Smart investing doesn't consist of buying good assets, but of buying assets well.  This is a very, very important distinction that very, very few people understand.
Howard Marks

As weather is to climate, so is the short term to the long term, if we think of forming an outlook or forecast.
Howard Marks

Markets act on new information which by definition nobody has.
Unknown

I have enough money to last me the rest of my life, unless I buy something.
Jackie Mason










Source:
The Best Investment-Related Quotes 

http://advisorperspectives.com/newsletters12/53-bestquotes.php

Jordan Belfort - The Wolf of Wall Street - YouTube

loaded on Jul 5, 2010

Join Grant Lewers for a special discussion with Jordan Belfort, The Wolf of Wall Street Jordan?s two bestselling books have been published in forty-three countries and translated into eighteen different languages. He is a frequent guest-commentator on CNN, CNBC, Headlines News and the BBC. His life-story is currently being turned into a major motion picture by Warner Brothers, with Leonardo Dicaprio set to play Belfort and Martin Scorsese set to direct. Filming is to begin in 2010.

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Jordan Belfort - The Wolf of Wall Street - YouTube

DOCUMENTRY- WARREN BUFFETT THE WORLDS GREATEST MONEY MAKER - YouTube

 





DOCUMENTRY- WARREN BUFFETT THE WORLDS GREATEST MONEY MAKER - YouTube

Charlie Rose - An Hour with Warren Buffett - YouTube

Charlie Rose - An Hour with Warren Buffett - YouTube

Hedge Fund Structure and Fees - YouTube

Uploaded on Apr 19, 2011

 

Learn more: http://www.khanacademy.org/video?v=EX1eFeaTiYM
Understanding how hedge funds are structured and how the managers get paid

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Hedge Fund Structure and Fees - YouTube

 https://www.youtube.com/watch?feature=player_embedded&v=EX1eFeaTiYM

Warren Buffett speaks to UGA students - YouTube

Uploaded on Apr 4, 2011

 

Terry College of Business, 2001.

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Warren Buffett speaks to UGA students - YouTube

Jordan Belfort - The Wolf of Wall Street - YouTube

Uploaded on Jul 5, 2010

 

Join Grant Lewers for a special discussion with Jordan Belfort, The Wolf of Wall Street Jordan's two bestselling books have been published in forty-three countries and translated into eighteen different languages.

He is a frequent guest-commentator on CNN, CNBC, Headlines News and the BBC. His life-story is currently being turned into a major motion picture by Warner Brothers, with Leonardo Dicaprio set to play Belfort and Martin Scorsese set to direct. Filming is to begin in 2010.

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Jordan Belfort - The Wolf of Wall Street - YouTube

19. Investment Banks - YouTube

Published on Apr 5, 2012



 

Financial Markets (2011) (ECON 252)

Professor Shiller characterizes investment banking by contrasting it to consulting, commercial banking, and securities trading.

Then, in order to see the essence of investment banking, he reviews some of the principles that John Whitehead, the former chairman of Goldman Sachs, has formulated.

These principles are the basis for a discussion of the substantial power that investment bankers have, and their role in society.

Government regulation of these powerful investment banks has been a thorny issue for many years, and especially so now since they played a significant role in world financial crisis of the 2000s.

00:00 - Chapter 1. Key Elements of Investment Banking
09:50 - Chapter 2. Principles and Culture of Investment Banking
16:54 - Chapter 3. Regulation of Investment Banking
27:21 - Chapter 4. Shadow Banking and the Repo Market
33:04 - Chapter 5. Founger: From ECON 252 to Wall Street
46:24 - Chapter 6. Fougner: Steps to Take Today to Work on Wall Street
53:49 - Chapter 7. Fougner: From Wall Street to Silicon Valley, Experiences at Facebook
57:56 - Chapter 8. Fougner: Question and Answer Session

Complete course materials are available at the Open Yale Courses website: http://oyc.yale.edu

This course was recorded in Spring 2011.

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19. Investment Banks - YouTube

https://www.youtube.com/watch?v=2yycGEFCNYE

10 Amazing Investment Quotes You've Probably Never Heard

By Morgan House

There are an uncountable number of articles promising "the best investment quotes of all time," or some variation. Most are good reads; but they've become predictable.

You know exactly what they're going to contain: Buffett's line about being fearful when others are greedy, Peter Lynch's deal about buying what you know, and a few classic Ben Graham hits. Same quotes again and again.


So, a while back, I did some digging and found 10 great investing quotes that aren't as popular. Enjoy.


"Risk is what's left over when you think you've thought of everything." -- Carl Richards

Financial advisors say you should have six months of expenses saved as an emergency fund. That's planning. The average duration of unemployment today is 10 months. That's risk.

"In investing, what is comfortable is rarely profitable." -- Robert Arnott

Think about this: Three years after the book Dow 36,000 was published, stocks were down 40%. Three years after The Great Depression Ahead  was published, stocks had doubled.

"When a possibility is unfamiliar to us, we do not even think about it." -- Nate Silver

The two biggest financial stories of the last 12 years were 9/11, and the financial crisis. Be honest with yourself: How often did you think about the possibility of these two things happening before they actually happened? If you're like 99.9% of people, the answer is never.

"People focus on role models; it is more effective to find antimodels -- people you don't want to resemble when you grow up." -- Nassim Taleb

You want to study the greats -- great investors like Buffett and Lynch, and great companies like Apple (NASDAQ: AAPL  ) and Costco (NASDAQ: COST  ) . But you also want to study the failures. Kodak. General Motors (NYSE: GM  ) . Enron. Long-term Capital Management. Lehman Brothers. You'll probably learn more from the failures than you will from the greats.

"Pundits forecast not because they know, but because they are asked." -- John Kenneth Galbraith

There's zero accountability of financial pundits. In fact, the most popular media faces are almost never right, as websites like PunditTracker.com are showing. Keep that in mind when sifting through financial news.

"Being slow and steady means that you're willing to exchange the opportunity of making a killing for the assurance of never getting killed." -- Carl Richards


I recently interviewed value investor Mohnish Pabrai, who had dinner a few years ago with Buffett. Pabrai asked Buffett what happened to a former business partner he used to pick stocks with. (I don't want to name him because he's still in business today.) Buffett said they went their separate ways because the former partner was too eager to get rich, which meant leverage and, eventually, margin calls.

Meanwhile, Buffett and partner Charlie Munger "always knew they were going to be rich and were in no hurry." Look who came out ahead.

"If you look carefully, almost all Old Money secrets can be traced to a single source: a longer-term outlook." -- Bill Bonner

It's well known that markets have become more short term. So what? No one said you have to become short term. My colleague Jeremy Phillips calls this "time arbitrage," or "the concept of buying a stock from those with a different time horizon, and selling on our own terms."

"No one can foresee the consequences of trivia and accident, and for that reason alone, the future will forever be filled with surprises." -- Dan Gardner

Speaks for itself. Some of the best investors have succeeded not because they've predicted the future, but because they've dealt with surprises better than most. That usually means having more cash and less debt than seems reasonable.

"The stock market is a giant distraction to the business of investing." -- John Bogle

Motley Fool advisor Ron Gross says we should think of the market as a company market, not a stock market. Here's a good example: On May 10, 2010, the Dow Jones (DJINDICES: ^DJI  )  briefly fell almost 1,000 points, as high-frequency traders tripped over themselves. But it's safe to say that not a single non-financial business in the world was affected in any measureable way. That's the difference between a company market and a stock market.

"In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell." -- Charlie Munger


Really smart people with Ph.D.s used sophisticated math models to conclude that mortgage lending was sound in 2005. They failed miserably. Country bumpkins who didn't know what a balance sheet was said, "Hey, my brother is broke and just got a $500,000 mortgage. That ain't right." They won.



 

Source:
10 Amazing Investment Quotes You've Probably Never Heard

http://www.fool.com/investing/general/2012/12/13/10-amazing-investment-quotes-youve-probably-never.aspx

Ludwig von Mises Institute : The Austrian School Is Advancing Liberty

 

"We owe the origin and development of human society and, consequently, of culture and civilization, to the fact that work performed under the division of labor is more productive than when performed in isolation."

— Ludwig von Mises, in Epistemological Problems of Economics

Source:
Ludwig von Mises Institute : The Austrian School Is Advancing Liberty

http://mises.org/


 

You are here: Home / Tech / What legalization means for a medical marijuana startup

What legalization means for a medical marijuana startup

November 7, 2012 at 5:20 pm by Taylor Soper  

Over the past few years, Leafly CEO Brendan Kennedy has told potential investors that marijuana legalization is both inevitable and much closer than people realize. He refers to a “Berlin Wall” of marijuana prohibition that’s waiting to be taken down.

With Washington (I-502) and Colorado (Amendment 64) becoming the first two states to legalize marijuana yesterday, that deconstruction has officially begun.
“The Berlin Wall of cannabis prohibition began to crumble last night,” Kennedy said Wednesday. “The time for Leafly and Privateer Holdings is now.”

We wrote about Leafly last week, profiling the innovative Seattle-based startup that is essentially a hybrid of Yelp and Consumer Reports for medical marijuana patients. But after Tuesday’s historic vote, we wanted to reconnect with the company.
Here’s what Kennedy had to say.

Leafly management team: Michael Blue, Brendan Kennedy and Christian Groh.

GeekWire: First off, what’s your reaction to yesterday’s ballot results with marijuana implications? 


Kennedy: Yesterday’s ballot results went exactly as we expected. While developing our investment thesis, we meticulously analyzed everything about this industry on a daily basis for the past three years. We were in Colorado a few weeks ago and knew that Amendment 64 would pass there. We knew that I- 502 in Washington would be approved. We also believed the voters of Massachusetts’ would approve Question 3. The only surprise for us was Issue 5 in Arkansas being within 25,000 votes (49% For and 49% Against). Arkansas could have been won with a small amount of additional capital donated to the campaign.





Over the last two years, we have received many looks of disbelief when we have told people that we are past the tipping point and cannabis prohibition was going to start to end in November 2012. We have learned that being out ahead of the curve is much harder than we thought, but having the results turn out just as we predicted feels pretty darn good.
GW: How does the legalization of marijuana affect Leafly’s future?  
Kennedy: Legalization of marijuana will make many of Leafly’s operations easier. Even though Leafly does not prescribe, grow, ship, sell or distribute any medical cannabis, we have faced many difficulties over the last two years.
Easy, simple tasks for any other startup or PE firm — such as picking a bank, lawyer, accountant, auditor, PR firm, and marketing firm — were herculean efforts for us because of the complexities related to being in the medical cannabis industry.

Leafly sorts medical marijuana strains based on medical use and effects to the body.

Big tobacco, alcohol, and pharma ache to get into the cannabis market, but public company regulations and public relations effectively bar their participation. Venture capital firms and private equity firms would love to invest in this space, but they can’t. As a private company solely targeting this industry, we do not face their constraints.

Last night will also help us close our current investment round. The individuals and family offices that have made investments with us have been great. Interest over the last week has spiked significantly.

GW: Did you think something like this would happen (legalization) when you first started 
thinking about Leafly?

Kennedy: Since we first began researching the medical cannabis industry we have believed that cannabis re-legalization is inevitable. When we first started thinking about Privateer Holdings and Leafly we were very mindful of three oft-repeated rules about investing: (1) Don’t invest in art. (2) Don’t invest in restaurants. (3) Don’t invest in anything where success requires political change. We devised Leafly’s strategy so that we could succeed with the continual expansion of legal medical cannabis beyond the current 18 states and D.C. The medical cannabis industry was $1.7 billion in 2011 and is projected to expand to $8.9 billion by 2016. More and more states (like Massachusetts) are going to enact medical cannabis laws. Patients in these states will need sites like Leafly and the other companies that we are building.

Users can review different strains on Leafly.

The fact that the voters in Washington and Colorado voted to terminate the failed 75 year experiment of cannabis prohibition sends a message to the Federal government. We believe that other states will follow. On December 6th, cannabis will be legal under Washington state law. Cannabis is Washington state’s #2 crop (after apples) at $1.2 billion. Leafly is a Washington state corporation because we predicted that these events would occur. We built Leafly to focus on the medical cannabis market, but yesterday’s results will open up additional opportunities for us in Washington and Colorado.

GW: How do these new laws affect the industry as a whole?
Kennedy: We believe the new laws will result in more interest in the medical cannabis industry. Medical cannabis is an industry that has been fragmented, immature, and unprofessionally managed. The current market suffers from poor public perception, a lack of standardization, and no institutional investors.

Leafly is available both for iOS and Android devices.

Despite these issues, even before the legalization measures in WA and CO passed, the market has been expanding rapidly and is conservatively estimated at $18-40 billion. The market is in desperate need of professionalism, solid infrastructure, and consolidation, which is what we have sought to do with Privateer Holdings and Leafly. We will continue to build out Leafly, make additional acquisitions, and build new companies.
Although we predicted legalization would come, I feel like there is a lot more pressure on us in the business community. We have a moral responsibility to the activists, lawyers, sponsors and campaigners who fought for I-502 and A-64. It is our turn now. Business is the best form of political activism. The next two years are critical because for this experiment in re-legalization to succeed, we need to ensure that this industry is a responsible and professional business community.
The new laws legalizing marijuana will also create jobs. Over the last week as people realized that the ballot measures were going to pass, we have seen a steady increase in new paid account signups, overall traffic, and investor interest in Leafly. We have been predicting the approval of these ballot measures for the last two years, but the last 12 hours has been hectic and we feel slightly shorthanded. This morning, our engineers added a few additional servers to effectively manage the additional web traffic, but we are going to need to hire some additional employees. I-502 is about to create its first jobs in Washington state right here at Leafly.



Previously on GeekWire: Leafly: Like Yelp and Consumer Reports … for medical marijuana


Reach staff reporter Taylor Soper at taylor@geekwire.com or on Twitter @Taylor_Soper





LINK:  http://www.geekwire.com/2012/marijuana-legalization-industry-startup/