“I have never known a great trader, with his first reputation established as a bear operator, who did not either turn bull or drop out of the market altogether.””
“I know a church that spends three times more money on security (uniformed guards on Sunday morning, CCTV, alarms) than it spends on evangelism, welcome, and outreach. Judging from the median age of the congregation, this church will close in less than ten years. It is the nature of the body of Christ that locked doors are ultimately more costly to the survival of the church than open doors. There is a high price to be paid for fearing the threat of the Other more than we fear disappointing Jesus.””
“The Advancement and diffusion of knowledge is the only true guardian of liberty. “”
“But sometimes there is no alternative approach. Then, pricing is a matter of placing a value on the solution to a particular customer problem. That value has nothing to do with the cost of building the product.””
“the market prices of quasi-commodities are not related to the costs in their own manufacturing area, but to the cost structure of the lower-cost competitors and their willingness to operate at certain margin levels.””
“Marketing people know the corporate position so well that they automatically develop pricing strategies compatible with it rather than with market needs.””
“In sum, investors trying to decide what P/E to pay for a stock, or at what P/E to sell the stock, can look at: (1) the company’s historical P/Es, (2) comparable companies’ P/Es and (3) relative P/Es, as a guide. They should also look at broad market trends to see if P/Es in general are rising or falling. By comparing past conditions with current conditions, investors will often have a good basis for determining an appropriate price/earnings ratio today. The next three sections will look at the three types of P/E analyses listed””
“In light of this analysis, it is evident that the would-be investor misinterpreted the answer. What the magnate meant was this: It is best to buy a stock only if it is selling at the lower end of its P/E range relative to your best estimate of earnings. Then the probability of price appreciation as the future unfolds is greater than””
“will tell you that the young men and women who work for you long to be challenged, they seek to be the best, they want to be winners, and sometimes that means paying the price of hard work, high standards, and accountability.””