Valuation Quotes - Page 3

• Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.

  Seth Klarman

  Makeup, Knowing, Waiting

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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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• Their usual mistaken premise is that they affirm some consensus among people, at least among tame peoples, concerning certain moral principles, and then conclude that these principles must be unconditionally binding also for you and me-or conversely, they see that among different peoples moral valuations are necessarily different and infer from this that no morality is binding-both of which are equally childish.

  Friedrich Nietzsche

  Moral Absolutism, People, Usual

  Friedrich Nietzsche, Bernard Williams, Josefine Nauckhoff (2001). “Nietzsche: The Gay Science: With a Prelude in German Rhymes and an Appendix of Songs”, p.203, Cambridge University Press

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• But these dear boys and girls--there is, something to be made out of them. If now they yield themselves to Christ they may have a long, happy, and holy day before them in which they may serve God with all then hearts. Who knows what glory God may have of them? Heathen lands may call them blessed. Whole nations may be enlightened by them. O brethren and sisters, let us estimate children at their true valuation, and we shall not keep them back, but we shall be eager to lead them to Jesus at once.

  Charles Spurgeon

  Girl, Jesus, Children

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• But what of the voice and judgment of conscience? The difficulty is that we have a conscience behind our conscience, an intellectual one behind the moral. ... We can see quite well that our opinions of what is noble and good, our moral valuations, are powerful levers where action is concerned; but we must begin by refining these opinions and independently creating for ourselves new tables of values.

  Georg Brandes

  Powerful, Voice, Creating

  "An Essay on Aristocratic Radicalism" by Georg Brandes, 1889.

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• Since World War II, Japan has spawned enormous numbers of new religions featuring the supernatural.... In Thailand, diseases are treated with pills manufactured from pulverized sacred Scripture. Witches are today being burned in South Africa.... The worldwide TM [Transcendental Meditation] organization has an estimated valuation of $3 billion. For a fee, they promise to make you invisible, to enable you to fly.

  Carl Sagan

  Atheist, War, Numbers

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• We need to put a price on carbon, and that's what cap-and-trade does and that's also what a CO2 tax does. As long as our current valuation in the marketplace tells us every minute of every day that it's perfectly all right to dump 90 million tons of global warming into the thin atmosphere surrounding the planet every 24 hours as if that atmosphere is an open sewer, then the individual actions are not going to solve the problem.

  Al Gore

  Long, Atmosphere, Doe

  ""What in the Hell Do They Think Is Causing It?"". Interview with John Dickerson, www.slate.com. December 8, 2009.

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• However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because the valuations placed on these securities have implied overly rosy scenarios prone to popular revision in times of more realistic expectation. This is one of those times, but it is my feeling that the revisions have not been severe enough, the expectations not yet realistic enough. Hence, the world's best companies largely remain overpriced in the marketplace.

  Michael Burry

  Games, Expectations, Risk

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• Ethics occupies a central place in philosophy because it is concerned with sin, with the origin of good and evil and with moral valuations. And since these problems have a universal significance, the sphere of ethics is wider than is generally supposed. It deals with meaning and value and its province is the world in which the distinction between good and evil is drawn, evaluations are made and meaning is sought.

  Nikolai Berdyaev

  Philosophy, Evil, World

  "The Destiny of Man". Book by Nikolai Berdyaev, 1931.

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• Value God and his love more than all the world, though there were millions of them. He valued you before the world, and therefore is beforehand with you in his love. He not only loved you from everlasting, (whereas your love is but of yesterday,) but in the valuation of it, he loved you before all worlds, and preferred you to all worlds: though you loved the world first, before you loved him.

  Thomas Goodwin

  Love Is, Yesterday, World

  Thomas Goodwin (1861). “The Works of Thomas Goodwin”, p.79

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• We, however, want to become those we are--human beings who are new, unique, incomparable, who give themselves laws, who create themselves. To that end we must become the best learners and discoverers of everything that is lawful and necessary in the world: we must become physicists in order to be able to be creators in this sense--while hitherto all valuations and ideals have been based on ignorance of physics or were constructed so as to contradict it. Therefore: long live physics! And even more so that which compels us to turn to physics--our honesty!

  Friedrich Nietzsche

  Honesty, Ignorance, Unique

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• He who acts under an emotional impulse also acts. What distinguishes an emotional action from other actions is the valuation of input and output. Emotions disarrange valuations. Inflamed with passion, man sees the goal as more desirable and the price he has to pay for it as less burdensome than he would in cool deliberation.

  Ludwig von Mises

  Passion, Men, Emotional

  Ludwig von Mises (2016). “Human Action”, p.23, Lulu Press, Inc

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• I write about life as it exists within houses and on the streets. And there's nothing, hopefully, in any of my characterizations or in any of my plottings or in any of my valuations that doesn't ring true to life. I'm a novelist. I'm not a theoretician.

  Richard Grossman

  Writing, House, True Life

  Source: www.raintaxi.com

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• If you have information that a company is not as good as its stock market valuation, you don't have a way to sell that stock unless you already own it. And so that information doesn't get incorporated in the company's stock price as fast if you don't allow short selling.

  Robert F. Engle

  Information, Way, Selling

  Source: bigthink.com

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• Allowing short selling is allowing people to sell - instead of having to buy the stock and then sell it, which doesn't do much; allow them to sell it, and then buy it. In which case they can express that information and the idea is that you would get more accurate valuation of companies by letting people express both their positive information and their negative information through either long or short selling.

  Robert F. Engle

  Ideas, Long, People

  Source: bigthink.com

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• And how have I lived? Frankly and openly, though crudely. I have not been afraid of life. I have not shrunk from it. I have taken it for what it was at its own valuation. And I have not been ashamed of it. Just as it was, it was mine.

  Jack London

  Taken, Afraid Of Life, Ashamed

  Jack London (1988). “The Letters of Jack London: 1913-1916. Volume three”, p.279, Stanford University Press

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• Imagine a senator running for president whose positions included halving the military budget, socializing the medical system, re-regulating the communications and electrical industries, establishing a guaranteed minimum income for all Americans, and equalizing funding for all schools regardless of property valuations - and who promised to fire Alan Greenspan, counseled withdrawal from the World Trade Organization, and, for good measure, spoke warmly of adolescent sexual experimentation. That was Barry Goldwater, conservative.

  Rick Perlstein

  Running, Military, Communication

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• They [Chinese] have very smart, experienced people. I don't want to paint them all with the same brush. There was a little bit of a feeling that the stock market, which went from something like $4 trillion in valuation to $10 trillion, that the Chinese wanted that.

  Jamie Dimon

  Smart, People, Feelings

  Source: www.bloomberg.com

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• The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.

  Seth Klarman

  Anchors, Healthy, Degrees

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• The conception of perfect service is constantly expanding and must be handled by broad and liberal minded men who put equity and fairness above gain-who put a proper valuation upon a satisfied customer as an asset running into the thousands of dollars, and who love a job thoroughly well done and get a kick out of doing it.

  Alvan Macauley

  Love, Running, Jobs

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• All the seemingly positive valuations and judgments of ressentiment are hidden devaluations and negations.

  Max Scheler

  Judgment, Negation

  Max Scheler, Harold J. Bershady (1992). “On Feeling, Knowing, and Valuing: Selected Writings”, p.132, University of Chicago Press

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• Having ones image, and effectively, life, democratized, dehumanizes and sometimes objectifies it into an entertainment product. What sort of valuation of the ego would one have once youve let it been preyed upon by the public for years and years? Perhaps, it becomes truly just skin and bones.

  Jack Gleeson

  Years, Ego, Skins

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• As every bookie knows instinctively, a number such as reliability - a qualitative rather than a quantitative measure - is needed to make the valuation of information practically useful.

  Hans Christian von Baeyer

  Numbers, Reliability, Information

  "Information, The New Language of Science". Book by Hans Christian von Baeyer, 2003.

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• The stronghold of the contemplation of Christ's glory affords the soul rest, for it will be made evident that our troubles grow on the root of an over-valuation of temporal things. The mind is its own greatest troubler.

  John Owen

  Roots, Soul, Mind

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• This sentiment of self-contempt is a frequent one in young people of both sexes. Their valuation of themselves varies as much as the barometer, and is as much affected by outward causes.

  Humphry Davy

  Sex, Self, People

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