500 of the Most Witty, Acerbic and Erudite Things Ever Said About Money

194 Pages·2006·0.4 MB·English

by  Philip Jenks

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A collection of the most memorable quotes on money, wealth, investment 0 o
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• Legendary investors: Warren Buffett, Peter Lynch, Jim Slater o
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• Old-time billionaires: John D. Rockefeller, J. Paul Getty t w ooff tthhee
• 21st Century swinging dicks: Bill Gates, Chris Gent itty mmoosstt
• Entrepreneurs: Sam Walton, Ray Kroc, Jeff Bezos , ac
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• Wits: H.L. Mencken, Oscar Wilde, Dorothy Parker b
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• Comedians: Woody Allen, Steve Martin, Stephen Fry a
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• Statesmen: Napoleon, Churchill, Thatcher e
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• Rogues: Robert Maxwell, Ivan Boesky, Al Capone d
• Philosophers: Hegel, Goethe, Aristotle ite th aacceerrbbiicc
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Ordered by subject, this pocket-sized book contains sharp insights, witty r s
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Whether you want something fun to dip into, or you want to pepper your t m
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gasping in admiration, this is the source. ISBN 1 897 59797 5 y
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££44..9999
500
of the most
witty,
acerbic
& erudite
things
ever said
about
Money
HARRIMANHOUSELTD
43ChapelStreet
Petersfield
Hampshire
GU323DY
GREATBRITAIN
Tel:[phone]
Fax:[phone]
Email:[email protected]
Website:www.harriman-house.com
FirstpublishedinGreatBritainin2002,reprintedin2006
CopyrightHarrimanHouseLtd
PublishedbyHarrimanHouseLtd
TherightofPhilipJenkstobeidentifiedastheauthorhasbeenasserted
inaccordancewiththeCopyright,DesignandPatentsAct1988.
ISBN:1-897-59797-5
ISBN13:9-781897-597972
BritishLibraryCataloguinginPublicationData
ACIPcataloguerecordforthisbookcanbeobtainedfromtheBritishLibrary.
Allrightsreserved;nopartofthispublicationmaybereproduced,storedina
retrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,
photocopying,recording,orotherwisewithoutthepriorwrittenpermissionofthe
Publisher.Thisbookmaynotbelent,resold,hiredoutorotherwisedisposedofby
wayoftradeinanyformofbindingorcoverotherthanthatinwhichitispublished
withoutthepriorwrittenconsentofthePublisher.
PrintedandboundbyBiddlesLtd,KingsLynn,Norfolk
Contents
FirstPrinciples 1
Thenatureofinvesting 3
Risk 5
Time 6
BuyingShares 7
Generalguidelines 9
The‘efficiencyofmarkets’theory 11
Thequalitiesofgoodcompanies 12
Thedifferencebetweenpriceandvalue 16
Valueinvesting 17
Contrarianinvesting 19
Smallcapsandgrowthstocks 20
Technologystocks 22
ResearchingCompanies 25
Thenecessityforresearch 27
Reportsandaccounts 27
Qualityofmanagement 31
iii
Insideinformationandtips 35
Researchfromprofessionalanalysts 37
PortfolioManagement 39
Diversification 41
Buy-and-hold 42
Movementofshareprices 45
Bull&bearmarkets 48
Timingthemarkets 53
Whentosell 56
Newissues 59
FundManagers 61
Short-termTrading 67
Keyaxioms 69
Theemotionalaspectoftrading 73
DealsandDealmakers 75
EthicsandGovernance 81
CrimeandScams 85
Banking 91
iv
PoliticalEconomy 97
Economicpolicy 99
Inflation 100
Currenciesandexchangerates 102
Economists 104
DotcomsandOtherManias 109
Oops! 115
Tax 119
MoneyandLife 123
GettingRich 129
Work 139
BeingRich 143
SpendingIt 149
LosingIt 155
DyingRich 161
SuccessandFailure 165
Index 171
v

First principles

The nature of investing
What it is
“Althoughit’seasytoforgetsometimes,ashareofastockisnotalottery
ticket. It’s part ownership of a business.”
PeterLynch,legendarymanagerofTheMagellanFund
“Speculation is an effort, probably unsuccessful, to turn a little money
into a lot. Investment is an effort, which should be successful, to prevent
a lot of money becoming a little.”
FredSchwed,authorof‘WhereareTheCustomers’Yachts?’
How you win at it
“It’s not whether you’re right or wrong that’s important, but how much
moneyyoumakewhenyou’rerightandhowmuchyoulosewhenyou’re
wrong.”
GeorgeSoros
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