I would say that financial mar...
I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.
Think how weird profit margins...
Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.
Battering down solar cells on ...
Battering down solar cells on the roofs of Wal-Marts in California. I think that will be some of the highest-return investments that anyone ever makes.
You can't run the economy on B...
You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?
Americans are just about the w...
Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan, but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.
I find the parallels between h...
I find the parallels between how some investors refuse to recognise the trends and our reaction to some of our environmental challenges very powerful. There is an unwillingness to process unpleasant data.
I think I'm right-brained, inc...
I think I'm right-brained, incapable of managing my way out of a brown paper bag.
At least us old men remember w...
At least us old men remember what a real bear market is like, and the young men haven't got a clue.
I like to be right. I try not ...
I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.
The stock market is overpriced...
The stock market is overpriced. Everything is overpriced. Junk is king.
Volatility is a symptom that p...
Volatility is a symptom that people have no idea of the underlying value-that they have stopped playing the asset game. They're not buying because it's a company with certain attributes. They're buying because the price is rising. People are playing games not related to any concept at all of what the long-term value of the enterprise is. And they know it.
We live on a finite planet. We...
We live on a finite planet. We have finite resources, and we're running out of good, arable land.
The language 'It's too late' i...
The language 'It's too late' is very unsuitable for most environmental issues. It's too late for the dodo and for people who've starved to death already, but it's not too late to prevent an even bigger crisis. The sooner we act on the environment, the better.
Capitalism believes that its r...
Capitalism believes that its remit is exclusively to make maximum short-term profits.
Market timing, by the way, is ...
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.
Modern agriculture has been ac...
Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food.
Investment bubbles and high an...
Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.
By background I'm both a Quake...
By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.
Remember that history always r...
Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.
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