If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.
The sad truth is that it is precisely those who disagree most with the hypothesis of efficient market pricing of stocks, those who pooh-pooh beta analysis and all that, who are least able to understand the analysis needed to test that hypothesis.
You need to look no further than Apple's iPhone to see how fast brilliantly written software presented on a beautifully designed device with a spectacular user interface will throw all the accepted notions about pricing, billing platforms and brand loyalty right out the window.
I don't think we can go back to the old days. But I think that what the government needs to do is it needs to make sure that the pricing is fair, that you don't have monopolies out there, so that people don't have a chance to compete fairly.
Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks.
Baker has done it again! Building on the core principles that he advanced in Professional's Guide to Value Pricing and The Firm of the Future, Ron Baker has again evolved thought leadership on the critical dynamics of value and pricing. Baker's latest work, Pricing on Purpose: Creating and Capturing Value, provides real-world examples and practical strategies that provide a framework for pricing optimization. His clarity of purpose and passionate call to action resonates in today's intellectual capital economy.
I started my career as a sales guy in the nineties, when the funnel was controlled by the sales rep, who had all the information the prospect wanted, including pricing and discount options. Now 90 percent of it has swung to marketing. It's self-service and you need to be very, very helpful to see to the top of the funnel. The game has changed a lot.
In theory, everybody buys the best and cheapest commodities offered to him on the market. In practice, if every one went around pricing, and chemically testing before purchasing, the dozens of soaps or fabrics or brands of bread which are for sale, economic life would become hopelessly jammed.
Couture is emotion. Couture is freedom. Couture is not thinking about pricing and not thinking about craziness. You can do whatever you want to do in couture.
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