• The market can move for irrational reasons, and you have to be prepared for that, … you need to make big bets when the odds are in your favor – not big enough to ruin you, but big enough to make a difference
  • Finding the best person or the best organization to invest your money is one of the most important financial decisions you’ll ever make
  • In questioning initially whether I am a great investor, I open the door to question whether other similarly esteemed public icons like Bill Miller are as well. It seems, perhaps, that the longer and longer you keep at it in this business the more and more time you have to expose your Achilles heel – wherever and whatever that might be
  • Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count … Good [investment] ideas should not be diversified away into meaningless oblivion
  • My clients don’t pay me to feel sorry; they pay me to bring them money. I am tough, but I have a soft side
  • Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed
  • Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP
  • Bonds despite their ridiculous yields will not easily be threatened with a new bear market
  • People have different impressions of themselves, and where reality lies is somewhere in between
  • Both from the standpoint of stocks and bonds, an investor wants to go where the growth is
  • I have a 41-year track record of investing excellence… what do you have?
  • Bond investors are the vampires of the investment world. They love decay, recession – anything that leads to low inflation and the protection of the real value of their loans
  • You know those adages about smelling the roses and chasing butterflies? The markets are my butterflies and my roses
  • Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders
  • Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries
  • If companies don’t know that they can run out of money, they won’t be thinking of ways not to run out of money
  • With all this consumer debt, business debt, government debt, smaller movements in interest rates have a magnified effect. a small movement can tip the boat
Kontak Kami
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