Financial Quotes - Page 8

• Securities based on risky mortgages are what toppled financial institutions but it was the government that made the mortgages risky in the first place, by making home-ownership statistics the holy grail, for which everything else was to be sacrificed, including commonsense standards for making home loans.

  Thomas Sowell

  Home, Government, Holy Grail

  Thomas Sowell (2011). “Dismantling America and Other Controversial Essays (Large Print 16pt)”, p.44, ReadHowYouWant.com

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• No man bears more responsibility for the present worldwide financial crisis and coming depression than Alan Greenspan.

  Bill Bonner

  Responsibility, Men, Bears

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• No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.

  Thomas Sowell

  Wall, Home, Heart

  Thomas Sowell (2011). “Dismantling America and Other Controversial Essays (Large Print 16pt)”, p.42, ReadHowYouWant.com

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• Obama liberals, in their incalculable arrogance, believe they are smart enough to defy everything we know about human nature, economics and history by insisting on separating financial efforts from rewards and pretending this can bring prosperity.

  David Limbaugh

  Smart, Believe, Effort

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• To use ones religion as a rationalization for lack of financial success demeans that faith.

  James Cook

  Use, Financial Success

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• The way I look at it, everything is a trade. You acquire some money, so then you've got no financial burdens, but everyone wants your money and so who can you trust? Or you've got no money and you can trust anyone, but then you've got the worry to pay bills. Which is worse?

  Matt LeBlanc

  Worry, Looks, Want

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• The idea that success can happen overnight is crippling the financial future of generations. You have to work for it.

  Robert Kiyosaki

  Ideas, Generations, Happens

  Twitter post from Dec 16, 2013

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• The key to growth is quite simple: creative men with money. The cause of stagnation is similarly clear: depriving creative individuals of financial power.

  George Gilder

  Simple, Men, Keys

  George F. Gilder (1992). “Recapturing the Spirit of Enterprise”, Ics Press

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• [Successful] projects that entrepreneurs initiated and carried through had one essential quality. All had been thoroughly contemplated by the regnant experts and dominant companies, with their large research staffs and financial resources, and had been judged too difficult, untimely, risky, expensive and unprofitable.

  George Gilder

  Successful, Entrepreneur, Quality

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• My single biggest financial concern is the loss of the dollar as the reserve currency. I can't imagine anything more disastrous to our country. . .you're already seeing things in the markets that are suggesting that confidence in the dollar is waning. . .I think you could see a 25% reduction in the standard of living in this country if the U.S. dollar was no longer the world's reserve currency. That's how valuable it is.

  Sam Zell

  Country, Loss, Thinking

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• Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.

  Seth Klarman

  Risk, Sophisticated, Mathematics

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• Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.

  Seth Klarman

  Blow, Thinking, Needs

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• As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to our clients for a quarter century-a dollar invested at inception in our largest fund is now worth over 94 dollars, a 20% net compound return. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified.

  Seth Klarman

  Risk, Return, Clients

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• I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.

  Nouriel Roubini

  Believe, People, Political

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• But in the financial markets, without proper institutional rules, there's the law of the jungle - because there's greed! There's nothing wrong with greed, per se. It's not that people are more greedy now than they were 20 years ago. But greed has to be tempered, first, by fear of losses. So if you bail people out, there's less fear. And second, b prudential regulation and supervision to avoid certain excesses.

  Nouriel Roubini

  Loss, Years, Law

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• The essence of the this-time-is-different syndrome is...rooted in the firmly held belief that financial crises are things that happen to other people in other countries at other times; crises do not happen to us, here and now. We are doing things better, we are smarter, we have learned from past mistakes. The old rules of valuation no longer apply. Unfortunately, a highly leveraged economy can unwittingly be sitting with its back at the edge of a financial cliff for many years before chance and circumstance provoke a crisis of confidence that pushes it off.

  Carmen Reinhart

  Country, Mistake, Past

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• In certain circumstances, financial markets can affect the so-called fundamentals which they are supposed to reflect. When that happens, markets enter into a state of dynamic disequilibrium and behave quite differently from what would be considered normal by the theory of efficient markets. Such boom/bust sequences do not arise very often, but when they do, they can be very disruptive, exactly because they affect the fundamentals of the economy.

  George Soros

  Would Be, Fundamentals, Normal

  "Theory of Reflexivity". George Soros' speech at the MIT Department of Economics World Economy Laboratory Conference in Washington, D.C., www.valuewalk.com. April 26, 1994.

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• 'F.A.S.B' ... 'Financial Accounts Still Bogus'.

  Charlie Munger

  Accounts, Stills

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• I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that widespread corrupt accounting will eventually create bad long term consequences as a sort of obverse effect from the virtue-based boost double-entry book-keeping gave to the heyday of Venice. I suggest that when the financial scene starts reminding you of Sodomand Gomorrah, you should fear practical consequences even if you like to participate in what is going on.

  Charlie Munger

  Book, Venice, Long

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• Financial institutions make us nervous when they're trying to do well.

  Charlie Munger

  Trying, Nervous, Institutions

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• As the director, you're meant to be critical and you are, so there are loads of things. But the thing is, the way I look at it is, to try to get some measure of success, it's dangerous to look at financial or critical success, or positive response as a measure.

  David Slade

  Trying, Way, Directors

  Source: collider.com

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• When we were negotiating the ongoing financial period in 2013, I talked myself hoarse. London and Berlin in particular insisted on reducing the budget. So we - to the applause of German journalists - made cuts to central future-oriented areas and slashed the budget for development aid, research and technology.

  Martin Schulz

  Cutting, Technology, Ongoing

  Source: www.spiegel.de

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• Supporting a family and financial necessity aside, what I want is to read it and just have that feeling in your chest that you know you need to do it and you understand how you could get there, even if it scares you.

  Shannyn Sossamon

  Feelings, Scare, Needs

  Source: collider.com

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• Dubai was brilliant, they looked around the world. They saw Hong Kong, Singapore, New York, Chicago, Sydney, London all ran British common law. British common law is much better for commerce than is French common law or sharia law. So they took 110 acres of Dubai soil, put British common law with a British judge in charge, and they went from an empty piece of soil to the 16th most powerful financial center in [the] world in eight years.

  Michael Strong

  New York, Powerful, Years

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• Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.

  Seth Klarman

  Giving, Good Man, Attention

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