Investment quotes

 

[Note: this post has nothing to do with movies.]

“If you can’t save, it doesn’t matter how well you invest, and an understanding of money’s true utility determines how well you’re able to accumulate it. If you think that money’s purpose is to buy stuff, you are doomed to fail, since you’ll quickly find yourself trapped on the `hedonic treadmill,’ the insidious evolving hunger for a yet more expensive car, a yet fancier house, or a yet more swish vacation. The best money in the world . . . is . . . used to buy time and autonomy.” –William Bernstein’s The Four Pillars of Investing (second edition) (8).

“Wealth is the nice cars not purchased. The diamonds not bought. The watches not worn, the clothes foregone and firstclass upgrade declined. Wealth is financial assets that haven’t yet been converted into the stuff you see. . . . The only way to be wealthy is to not spend money that you do have. . . . But wealth is hidden. It’s income not spent. Wealth is an option not yet taken to buy something later. Its value lies in offering you options, flexibility, and growth to one day purchase more stuff than you could right now.” –Morgan Housel’s The Psychology of Money (98-9).

“‘Opportunity cost’ is simply what you give up when you commit your money to one thing (like a car) over another (like an investment), and it’s easy to quantify.” –JL Collins’ The Simple Path to Wealth (41-2).

“An asset is something that puts money in my pocket whether I work or not. A liability is something that takes money out of my pocket. That is really all you need to know. If you want to be rich, simply spend your life buying or building assets. If you want to be poor or middle class, spend your life buying liabilities.” –Robert Kiyosaki’s Rich Dad Poor Dad (68).

"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." — Robert Kiyosaki

 “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” –Warren Buffett

“The difference between successful people and really successful people is that really successful people say no to almost everything.”  –Warren Buffett

“Start saving early and save regularly. Live modestly and don't touch the money that's been set aside. I view investing as a method of purchasing assets to gain profit in the form of reasonably predictable income (dividends, interest, or rentals) and /or appreciation over the long term.” –Burton Malkiel

“The definition of investment is the deferring of present consumption for future consumption. So, you do have to be willing to defer. And there are a couple of tricks that you can use to save money. One of them is simply to pay yourself first.”  –William J. Bernstein

“The big money is not in the buying and selling ... but in the waiting.”  –Charlie Munger

“You gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.” –Warren Buffett

"The tax code gives you an enormous advantage if you can find some things you can just sit with." –Charlie Munger 

"There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn't awash in cash, and I don't want to go back." –Charlie Munger

"It's a good habit to trumpet your failures and be quiet about your successes." –Charlie Munger 

William James– “The art of being wise is the art of knowing what to overlook.” –page 148 of Richer, Wiser, Happier

“It’s all about deferred gratification,” says Sleep. “When you look at the mistakes you make in life, private and professional, it’s almost always because you reached for some short-term fix or some short-term high . . . . And that’s the overwhelming habit of people in the stock market.” from page165 of Richer, Wiser, Happier

“If you don’t find a way to make money while you sleep, you will work until you die.” –Warren Buffett