Unfortunately, our stock is somehow not well understood by the markets. The market compares us with generic companies. We need to look at Biocon as a bellwether stock. A stock that is differentiated, a stock that is focused on R&D, and a very, very strong balance sheet with huge value drivers at the end of it.
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If the possessor of a units of money receives h additional units, then it is not at all true to say that he will value the total stock a + h exactly as highly as he had previously valued the stock a alone. Because he now has disposal over a larger stock, he will now value each unit less than he did before; but how much less will depend upon a whole series of individual circumstances, upon subjective valuations that will be different for each individual.
Ludwig von Mises
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I always had faith in the internet. I believed in it and thought it was obviously going to change the way the world worked. I really did not understand why others were selling their stock. As stock prices plunged, I just bought them, one after another, since I had the money. I guess I was rather lucky.
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One sticking point was that Jobs wanted his payout to be in cash. Amelio insisted that he needed to "have skin in the game" and take the payout in stock that he would agree to hold for at least a year.' Jobs resisted. Finally, they compromised: Jobs would take $120 million in cash and $37 million in stock, and he pledged to hold the stock for at least six months.
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It must be pointed out that the level of the total stock of money and of the value of the money unit are matters of complete indifference as far as the utility obtained from the use of the money is concerned. Society is always in enjoyment of the maximum utility obtainable from the use of money. Half of the money at the disposal of the community would yield the same utility as the whole stock, even if the variation in the value of the monetary unit was not proportioned to the variation in the stock of money.
Ludwig von Mises
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And at a relatively early age, ten or so, I invested my first share of stock. And I used to follow, look at companies and so forth. But throughout the whole period, and indeed right through my college years, while I was involved in the stock market, always interested in finance, I never thought of it as a full-time job.
Robert C. Merton
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Driving stock up from one day to the next is not what we are about. We are about building a good company and performing for the long term. I know everyone says that, that sounds trite when I repeat it that way, but that is and has always been our attitude about our business. If we do the right things, the stock price will take care of itself, and our shareholders will be rewarded.
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I find that love is sometimes like stock. You contribute and contribute and build some confidence in hope that you will get a greater result in return or at least equal to. But when the stock crashes you find that you lose more than what you contribute. You lose your dignity, hope , dreams and a feeling of being defeated. Your confidence for another stock is bruised but in mind needed, in hope to regain what was already lost! Then the cycle continues, and you are back to where you started.
Francesco Nicholas Cece
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I shall argue that it is the capital stock from which we derive satisfaction, not from the additions to it (production) or the subtractions from it (consumption): that consumption, far from being a desideratum, is a deplorable property of the capital stock which necessitates the equally deplorable activity of production: and that the objective of economic policy should not be to maximize consumption or production, but rather to minimize it, i.e. to enable us to maintain our capital stock with as little consumption or production as possible.
Kenneth E. Boulding
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An index fund is a fund that simply invests in all of the stocks in a market. So, for example, an index fund might invest in every single stock or almost every single stock in the U.S. market, it might invest in every single stock abroad, or it might invest in all of the bonds that are out there. And you can make a perfectly fine investing portfolio that mixes equal parts of all three of those.
William J. Bernstein
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One, which I mention several times elsewhere, is the need for patience if big profits are to be made from investment. Put another way, it is often easier to tell what will happen to the price of a stock than how much time will elapse before it happens. The other is the inherently deceptive nature of the stock market. Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all.
Philip Arthur Fisher
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In college I started studying the stock market. I went down to the stock exchange, watched all the activity from the visitors' gallery, people running around, calling numbers, shouting, and all the paper flying and the bells ringing, and of course that was exciting, and it seemed to lend itself to my analytical skills.
Robert C. Merton
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Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street. When you read contemporary accounts of booms or panics, the one thing that strikes you most forcibly is how little either stock speculation or stock speculators today differ from yesterday. The game does not change and neither does human nature.
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Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical value is likely to be limited. An additional complication, not encompassed by most stock market models, arises from the manifestation of the market as a nonzero sum game.
Richard Arnold Epstein
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For instance, let us say that a new stock has been listed in the last two or three years and its high was 20, or any other figure, and that such a price was made two or three years ago. If something favorable happens in connection with the company, and the stock starts upward, usually it is safe play to buy the minute it touches a brand new high.
Jesse Lauriston Livermore
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It takes a man a long time to learn all the lessons of all of his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of stock speculation.
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One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.
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Men spend their lives in anticipations,""in determining to be vastly happy at some period when they have time. But the present time has one advantage over every other""it is our own. Past opportunities are gone, future have not come. We may lay in a stock of pleasures, as we would lay in a stock of wine; but if we defer the tasting of them too long, we shall find that both are soured by age.
Charles Caleb Colton
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Men spend their lives in anticipations, -in determining to be vastly happy at some period when they have time. But the present time has one advantage over every other-it is our own. Past opportunities are gone, future have not come. We may lay in a stock of pleasures, as we would lay in a stock of wine; but if we defer the tasting of them too long, we shall find that both are soured by age.
Charles Caleb Colton
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We need a moderately-priced stock market... The market, like the Lord, helps those who help themselves. But, unlike the Lord, the market does not forgive those who know not what they do. For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.
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Here's how to know if you have the makeup to be an investor. How would you handle the following situation? Let's say you own a Procter & Gamble in your portfolio and the stock price goes down by half. Do you like it better? If it falls in half, do you reinvest dividends? Do you take cash out of savings to buy more? If you have the confidence to do that, then you're an investor. If you don't, you're not an investor, you're a speculator, and you shouldn't be in the stock market in the first place.
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The stock market is but a mirror which provides an image of the underlying or fundamental economic situation. Cause and effect run from the economy to the stock market, never the reverse. In 1929 the economy was headed for trouble. Eventually that trouble was violently reflected in Wall Street.
John Kenneth Galbraith
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Unfortunately, skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of the stock. Traders apparently lackthe skill to answer this crucial question, but they appear to be ignorant of their ignorance.
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Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.
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I'd done some acting in high school. Then I went to Kenyon College and got thrown in jail and kicked off the football team. Since I was determined not to study very much, I majored in theater the last two years. Got my degree in speech; they didn't actually have a degree in theater. I graduated at two o'clock in the afternoon, and at three-thirty I was on the train for Williams Bay, Wisconsin, for summer stock, and then I did winter stock.
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The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.
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It be urged that the wild and uncultivated tree, hitherto yielding sour and bitter fruit only, can never be made to yield better; yet we know that the grafting art implants a new tree on the savage stock, producing what is most estimable in kind and degree. Education, in like manner, engrafts a new man on the native stock, and improves what in his nature was vicious and perverse into qualities of virtue and social worth.
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Often, there is no correlation between the success of a company's operations and the success of its stock over a few months or even a few years. In the long term, there is a 100 percent correlation between the success of the company and the success of its stock. This disparity is the key to making money; it pays to be patient, and to own successful companies.
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I particularly remember the time I gave (the research director) my paper on the banking industry. I felt very proud of my work. However, he read through it and said, 'This is useless. What makes the stock go up and down?' That comment acted as a spur. Thereafter, I focused my analysis on seeking to identify the factors that were strongly correlated to a stock's price movement as opposed to looking at all the fundamentals. Frankly, even today, many analysts still don't know what makes their particular stocks go up and down.
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Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield. I think the clearest summing up of the whole thing was expressed by Thomas F. Woodlock when he declared: "The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past."
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Successful investors like stocks better when they're going down. When you go to a department store or a supermarket, you like to buy merchandise on sale, but it doesn't work that way in the stock market. In the stock market, people panic when stocks are going down, so they like them less when they should like them more. When prices go down, you shouldn't panic, but it's hard to control your emotions when you're overextended, when you see your net worth drop in half and you worry that you won't have enough money to pay for your kids' college.
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Schools were started to train human talents... The Guild... emphasizes almost pure mathematics. Bene Gesserit performs... politics. The original Bene Gesserit school was directed by those who saw the need of a thread of continuity in human affairs. They saw there count be no such continuity without separating human stock from animal stock - for breeding purposes.
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You might say that a creative person is a person who simply has a desire to have something, to add something to the world that's not there yet, and goes about arranging fort that to happen.. ...when you desire a work of art and make it, you've added to the stock of art in the world. Artists are one of the people who can do that: add to the stock of things.
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Will customers keep supporting the enormous overhead required to sustain ineffectual, unproductive stock picking across an array of thousands of individual funds devoted to every investing 'style' and economic sector or regional subgroup that some marketing idiot can dream up? Not likely. A brutal shakeout is coming and one of its revelations will be that stock picking is a grossly overrated piece of the puzzle, that cost control is what distinguishes a competitive firm from an uncompetitive one.
Holman W. Jenkins
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There are three important principles to Graham's approach. [The first is to look at stocks as fractional shares of a business, which] gives you an entirely different view than most people who are in the market. [The second principle is the margin-of-safety concept, which] gives you the competitive advantage. [The third is having a true investor's attitude toward the stock market, which] if you have that attitude, you start out ahead of 99 percent of all the people who are operating in the stock market - it's an enormous advantage.
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There's no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
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Nobody can be saved from anything, unless they save themselves. It is hopeless doing things for people - it is often very dangerous to do things at all - and the only thing worth doing for the race is to increase its stock of ideas. Then, if you make available a larger stock, people are at liberty to help themselves from out of it. By this process the means of improvement is offered, to be accepted or rejected freely, and there is a faint hope of progress in the course of millennia. Such is the business of the philosopher, to open new ideas. It is not his business to impose them on people.
T. H. White
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He knew very well that the great majority of human conversation is meaningless. A man can get through most of his days on stock answers to stock questions, he thought. Once he catches onto the game, he can manage with an assortment of grunts. This would not be so if people listened to each other, but they don't. They know that no one is going to say anything moving and important to them at that very moment. Anything important will be announced in the newspapers and reprinted for those who missed it. No one really wants to know how his neighbor is feeling, but he asks him anyway, because it is polite, and because he knows that his neighbor certainly will not tell him how he feels. What this woman and I say to each other is not important. It is the simple making of sounds that pleases us.
Peter S. Beagle
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Santa Claus and the Easter Bunny should take a few pointers from the mutual-fund industry. All three are trying to pull off elaborate hoaxes. But while Santa and the bunny suffer the derision of eight year olds everywhere, actively-managed stock funds still have an ardent following among otherwise clear-thinking adults. This continued loyalty amazes me. Reams of statistics prove that most of the fund industry's stock pickers fail to beat the market.
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...these things become the norm: that some homeless people die of cold on the streets is not news. In contrast, a ten point drop on the stock markets of some cities, is a tragedy. A person dying is not news, but if the stock markets drop ten points it is a tragedy! Thus people are disposed of, as if they were trash.
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If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.
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You have to study and learn so that you can make up your own mind. Stock your mind, stock your mind. It is your house of treasure and no one in the world can interfere with it. If you won the Irish Sweepstakes and bought a house that needed furniture would you fill it with bits and pieces of rubbish? Your mind is your house and if you fill it with rubbish from the cinemas, it will rot in your head. You might be poor, your shoes might be broken, but your mind is a palace.
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Mr. Stock came out of the competition tent carrying his zeppelin marrow on one shoulder and demanding to know what was going on. When he saw the hordes advancing on Aidan, he charged off that way, whirling the great vegetable. The Puck, who was rushing behind the horde, yelling at them to grab Aidan and kill Rolf, was Mr. Stock's first victim. The marrow caught him THOCK! on the side of the head. It laid the Puck out cold on the grass, but the mighty vegetable remained intact, mottled and glossy
Diana Wynne Jones
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One of the proven ways of getting workers more involved with their jobs is by dovetailing employee profit-sharing and stock ownership plans with greater responsibility sharing... Trade unions in this country should... consider these arrangements much more carefully than they have up to now... Expanded employee profit participation and stock ownership would provide workers with a greater measure of economic and social independence, thus stimulating increased productivity.
Jacob K. Javits
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All organisms vary. It is in the highest degree improbable that any given variety should have exactly the same relations to surrounding conditions as the parent stock. In that case it is either better fitted (when the variation may be called useful), or worse fitted, to cope with them. If better, it will tend to supplant the parent stock; if worse, it will tend to be extinguished by the parent stock. If (as is hardly conceivable) the new variety is so perfectly adapted to the conditions that no improvement upon it is possible, -it will persist, because, though it does not cease to vary, the varieties will be inferior to itself. If, as is more probable, the new variety is by no means perfectly adapted to its conditions, but only fairly well adapted to them, it will persist, so long as none of the varieties which it throws off are better adapted than itself. On the other hand, as soon as it varies in a useful way, i.e. when the variation is such as to adapt it more perfectly to its conditions, the fresh variety will tend to supplant the former.
Thomas Henry Huxley
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As in forming a political society, each individual contributes some of his rights, in order that he may, from a common stock of rights, derive greater benefits, than he could from merely his own; so, in forming a confederation, each political society should contribute such a share of their rights, as will, from a common stock of these rights, produce the largest quantity of benefits for them.
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He says, you have to study and learn so that you can make up your own mind about history and everything else but you can't make up an empty mind. Stock your mind, stock your mind. It is your house of treasure and no one in the world can interfere with it. If you won the Irish Sweepstakes and bought a house that needed furniture would you fill it with bits and pieces of rubbish? Your mind is your house and if you fill it with rubbish from the cinemas it will rot in your head. You might be poor, your shoes might be broken, but your mind is a palace.
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Over the long term, despite significant drops from time to time, stocks (especially an intelligently selected stock portfolio) will be one of your best investment options. The trick is to GET to the long term. Think in terms of 5 years, 10 years and longer. Do your planning and asset allocation ahead of time. Choose a portion of your assets to invest in the stock market - and stick with it! Yes, the bad times will come, but over the truly long term, the good times will win out - and I hope the lessons from 2008 will help get you there to enjoy them.
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The older theories, which started from an erroneous conception of the social demand for money, could never arrive at a solution of this problem. Their sole contribution is limited to paraphrases of the proposition that an increase in the stock of money at the disposal of the community while the demand for it rClnains the same decreases the objective exchange-value of money, and that an increase of the demand with a constant available stock has the contrary effect, and so on. By a flash of genius, the formulators of the Quantity Theory had already recognized this. We cannot by any means call it an advance when the formula giving the amount of the demand for money (Volume of Transactions + Velocity of Circulation) was reduced to its elements.
Ludwig von Mises
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In April, I asked my staff to determine if Senate rules and relevant laws would allow me to direct the trustees to sell any remaining HCA stock. In May, my staff worked with outside counsel and with the Senate ethics committee staff to draft a written communication to the trustees. After obtaining pre-approval by mid-June from the Senate ethics committee, I issued a letter directing my trustees to sell any remaining HCA stock in my family's trust.
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