Quotes of All Topics . Occasions . Authors
We’re no longer in the days where every program is super well crafted. But at the heart of the programs that make it to the top, you’ll find that the key internal code was done by a few people who really knew what they were doing.
We need to look at less obvious paths, things like the wind in the jet stream, which is very high up. The material science of what type of kite string you would need to connect up to that. That's still at the basic research level.
The space shuttle was often used as an example of why you shouldn't even attempt to make something reusable. But one failed experiment does not invalidate the greater goal. If that was the case, we'd never have had the light bulb.
Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain. These are the same people who like to watch the locomotive coming and get run down in the name of discipline.
If you want to be rich, be friends with people who have the same mindset as you, or who at least won't try to change your mindset to be more like theirs. Life is too short to spend time with people who don't help you move forward.
The minute a Wall Street firm purchases your debt, your bank no longer has it on its financial statement, which then allows the bank to look for more credit card customers. That's one reason why you get so many credit card offers.
You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.
Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.
I am quite serious when I say that I do not believe there are, on the whole earth besides, so many intensified bores as in these United States. No man can form an adequate idea of the real meaning of the word, without coming here.
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.
People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
Bioterrorism is like earthquakes, you should think in order of magnitudes. If you can kill 10 people that's a one, 100 people that's a two... Bioterrorism is the thing that can give you not just sixes, but sevens, eights and nines.
With nuclear weapons, you'd think you would probably stop after killing 100million. Smallpox won't stop. Because the population is naïve, and there are no real preparations. That, if it got out and spread, would be a larger number.
American computer science grads often have very little exposure to the human condition. They've rarely had manual labor or service jobs. They grow up in a bubble of privilege lulled into thinking this country is a true meritocracy.
Failure inspires winners. And failure defeats losers. It is the biggest secret of winners. It's the secret that loser do not know. The greatest secret of winners is that failure inspires winning; thus, they're not afraid of losing.
If you don't like the idea that most of the money spent on lottery tickets supports government programs, you should know that most of the earnings from mutual funds support investment advisors' and mutual fund managers' retirement.
People without financial knowledge, who take advice from financial experts are like lemmings simply following their leader. They race for the cliff and leap into the ocean of financial uncertainty, hoping to swim to the other side.
You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.
Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.
Having a large amount of leverage is like driving a car with a dagger on the steering wheel pointed at your heart. If you do that, you will be a better driver. There will be fewer accidents but when they happen, they will be fatal.
The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
For one thing, there's an essential human factor in every business endeavor. It doesn't matter if you have a perfect product, production plan and marketing pitch; you'll still need the right people to lead and implement those plans.
For all these infectious diseases, the goal is to eventually get rid of them. And to do that we need to invent new tools, but nobody was doing that because there was no money to buy on behalf of the poorest, even the existing tools.
If you're afraid of inflation, I think - and if you can bring yourself to have a long horizon - and when I say long, I mean ten to 20 years, not the usual ten to 20 weeks - that locking up resources in the ground is a terrific idea.
Arrogant or critical people are often people with low self-esteem who are afraid of taking risks. That's because, if you learn something new, you are then required to make mistakes in order to fully understand what you have learned.
The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
The year I was born, 1955, the first big disease-eradication program in the world was declared for malaria. After about a decade of work, they realized that, at least in the tropical areas, they did not have the tools to get it done.
I have a company that is not Microsoft, called Corbis. Corbis is the operation that merged with Bettman Archives. It has nothing to do with Microsoft. It was intentionally done outside of Microsoft because Microsoft isn't interested.
There are two reasons to pursue diversity and inclusion. One, because you believe one group has benefitted from hundreds of years of discrimination, or two, maybe you don't like that women make 73 cents on the dollar compared to men.
To make an embarrassing admission, I like video games. That's what got me into software engineering when I was a kid. I wanted to make money so I could buy a better computer to play better video games - nothing like saving the world.
If we could do high-speed rail in California just half a notch above what they've done on the Shanghai line in China, and if we had a straight path from L.A. to San Francisco, as well as the milk run, at least that would be progress.
How about no income tax at all on people over 65? People would continue working, remain healthier, not be an economic and social drain on society. Then the elderly would also have more disposable income to help charitable activities.
You can believe in Fung Shui if you want, but ultimately people control their own fate. The most important thing is to improve yourself and give it your best. Then many things previously thought to be impossible will become possible.
The first year, I didn't have much capital so I did everything myself. I had to keep my overhead low by learning everything about running a business, from accounting to fixing the gears of my equipment. I really started from scratch.
I believe the chance of any event causing Berkshire to experience financial problems is essentially zero. We will always be prepared for the thousand-year flood; in fact, if it occurswe will be selling life jackets to the unprepared.
Making money isn't the backbone of our guiding purpose; making money is the by-product of our guiding purpose. If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money
[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
We have learned to turn out lots of goods and services, but we haven't learned as well how to have everybody share in the bounty. The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.
Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
In order for the United States to do the right things for the long term, it appears to be helpful for us to have the prospect of humiliation. Sputnik helped us fund good science - really good science: the semiconductor came out of it.
You wish that you could move more rapidly and you have setbacks. You know, the AIDS epidemic was a huge setback for Africa, and it's only through generosity that we've avoided that just completely crippling an entire generation there.
We must work to establish a 'fiduciary society,' where manager/agents entrusted with managing other people's money are required - by federal statute - to place front and center the interests of the owners they are duty-bound to serve.
A plan is a bridge to your dreams. Your job is to make the plan or bridge real, so that your dreams will become real. If all you do is stand on the side of the bank and dream of the other side, your dreams will forever be just dreams.
Look at the world of books nowadays. People just download books. They don't go to a bookstore. Amazon is wiping out Borders and Barnes and Noble. Those are brilliant examples of ephemeralization doing more with less at a better price.
I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of "New Era" philosophy where trees really do grow to the sky.
Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.
I don't believe in creating dynastic wealth. I don't really believe that in a society that aspires to be meritocratic and that believes in equality of opportunity - my kids have had advantage over 99 percent of the kids in the country.
One day we will have more inflation, and our bonds will bleed like a pig. The only reason for buying long bonds is short-term or as a desperate haven for terrorized investors. But the potential to make longer-term real money is naught.