Long Term Quotes - Page 7

• Russia has the largest reserves of natural resources, including iron and natural gas. The market will develop in the long term, and the VW Group will benefit from it.

  Martin Winterkorn

  Russia, Iron, Long

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• As far as population size goes, big is no longer important, and it can even be a drawback. In fact, the future belongs more to second-tier cities. Any place can become a world-class center today by finding an area in which it outperforms others, by thinking for the long term, by expanding its competitive abilities and by operating globally.

  Charles Landry

  Thinking, Class, Cities

  Source: www.spiegel.de

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• The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.

  Jeremy Grantham

  Long, Needs, Locks

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• It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.

  Seth Klarman

  Running, Investment Success, Long

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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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• Children who have been very sadistically abused over the long-term are able to dissociate, some of them are able to dissociate as a way of surviving and inventing someone to whom this doesn't happen. And so therefore, they invent within themselves different personalities who have life histories of their own. Many people invent an opposite gender personality as well.

  Gloria Steinem

  Children, Opposites, Long

  Source: www.pbs.org

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• Long-term trauma for women who have survived armed conflict is a haunting reminder that health issues and depression can follow decades after the end of war, but women who hope for healing can and do move forward.

  Zainab Salbi

  War, Moving, Healing

  Source: www.truth-out.org

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• I think ultimately it's just time management. You're just doing a lot more stuff. You're doing the same stuff, you're writing and you're producing, but it just comes with a lot of other things. A lot of long term thinking and plotting things out for the future, bringing elements together. I have a lot of support.

  Scott M. Gimple

  Writing, Thinking, Long

  Source: collider.com

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• The reason is they failed to learned the primary lesson we should have learned from when Long Term Capital Management went belly up ten years ago. That is, investments that seem uncorrelated can be correlated simply because we're interested in it.

  Richard Thaler

  Should Have, Years, Long

  "Big Think Interview With Richard Thaler". bigthink.com. June 19, 2009.

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• Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.

  Seth Klarman

  Gun, Perspective, Long

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• Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with the penalties for poor short-term performance, the long-term view may well be from the unemployment line ... Relative-performance-oriented investors really act as speculators. Rather than making sensible judgments about the attractiveness of specific stocks and bonds, they try to guess what others are going to do and then do it first.

  Seth Klarman

  Views, Perspective, Long

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• In essence, the stock market represents three separate categories of business. They are, adjusted for inflation, those with shrinking intrinsic value, those with approximately stable intrinsic value, and those with steadily growing intrinsic value. The preference, always, would be to buy a long-term franchise at a substantial discount from growing intrinsic value.

  Michael Burry

  Essence, Long, Would Be

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• The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.

  Seth Klarman

  Wind, Long, Errands

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• I still believe that for good business analysts a concentrated portfolio is a good strategy combined with a long term horizon. Once again, the secret to success in following the formula strategy is patience, a quality in short supply for both professionals and individual investors alike. I think investors should have a large portion of their assets in equities over time.

  Joel Greenblatt

  Believe, Thinking, Should Have

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• The big picture is: the main thing you should be concerned about in the future are incremental returns on capital going forward. As it turns out, past history of a good return on capital is a good proxy for this but obviously not foolproof. I think this is an area where thoughtful analysis can add value to any simple ranking/screening strategy such as the magic formula. When doing in depth analysis of companies, I care very much about long term earnings power, not necessarily so much about the volatility of that earnings power but about my certainty of "normal" earnings power over time.

  Joel Greenblatt

  Thoughtful, Past, Simple

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• Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.

  Seth Klarman

  Thinking, Opportunity, Long

  "The 20 Forgotten Lessons Of 2008". Seth Klarman's annual letter, www.businessinsider.com. April 28, 2010.

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• Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.

  Seth Klarman

  Commitment, Loss, Yield

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• Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

  Seth Klarman

  Long, Important, Clients

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• Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we believe. To not only learn but also effectively implement investment lessons requires a disciplined, often contrary, and long-term-oriented investment approach. It requires a resolute focus on risk aversion rather than maximizing immediate returns, as well as an understanding of history, a sense of financial market cycles, and, at times, extraordinary patience.

  Seth Klarman

  Believe, Long, Focus

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• There are no long-term lessons - ever.

  Seth Klarman

  Long, Lessons, Term

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• The government can indefinitely control both short-term and long-term interest rates.

  Seth Klarman

  Government, Long, Interest

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• Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.

  Charlie Munger

  Thinking, Long, Black

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• The share price must be less than book value. Preferably it will be less than net working capital less long term debt.

  Peter Cundill

  Book, Long, Debt

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• The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

  Peter Cundill

  Long, Earning, Corporate Bond

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• Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if required.

  Peter Cundill

  Long, Balance, Debt

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