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📈 The Finance Journal: Your go-to for the latest financial news and trends. Contact: @CaptainJamesCook
“The only man who never makes mistakes is the man who never does anything.” - Theodore Roosevelt
The Finance Journal 📈
"Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari's - I wanted the independence. I desperately wanted it." -Charlie Munger
The Finance Journal 📈
John D. Rockefeller said that all success and wealth first starts in your mind:
"A man’s wealth must be determined by the relation of his desires and expenditures to his income. If he feels rich on ten dollars, and has everything else he desires, he really is rich."
"Never, never sell yourself cheaply. Everyone is a product of his thoughts, thinking about small goals, will lead to small results. Thinking of great goals will win great success. And great ideas and big plans usually come easier than small ones, at least it will not be more difficult."
"In the same way the failures which a man makes in his life are due almost always to some defect in his personality, some weakness of body, or mind, or character, will, or temperament. The only way to overcome these failings is to build up his personality from within, so that he, by virtue of what is within him, may overcome the weakness which was the cause of the failure."
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Charlie Munger: Diversification is for idiots
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Peter Lynch: How to Know WHAT Stocks to OWN
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"Socialism is a political religion whose God is the State and whose priests are the bureaucrats... It is a philosophy of failure, the creed of ignorance, and the gospel of envy; its inherent virtue is the equal distribution of misery"
— Winston Churchill
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How Bill Ackman Made His First Million
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This is the mindset shift every trader needs
Source: Rande Howell
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“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.” - Warren Buffett
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Stanley Druckenmiller on how great traders think about risk
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"If you want to become really wealthy, you must have your money work for you." - John Templeton
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Charlie Munger's Costco Obsession
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Lawyer Michael Barish ended up paying back $64,800 on a $25,000 loan
Source: 60 Minutes
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"Taxation of earnings from labor is on a par with forced labor. Seizing the results of someone's labor is equivalent to seizing hours from him and directing him to carry on various activities."
— Robert Nozick
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Howard Marks on the three stages of a bull market
Media: Bancha March
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"Socialism is an aberrant soul disease. The combination of deep envy, fatal arrogance and ignorance in economic issues."
- Javier Milei
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"We never buy something with a price target in mind. What we look for is certainty. We look at a business and ask is this something which will produce more & more cash over time? If the answer is yes, you don't need to ask many questions." -Warren Buffett
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Milton Friedman on why losses are just as important as profits:
“A free-enterprise system is a profit-and-loss system, and never forget the loss part.
If you have a system in which losses are eliminated, you will eliminate the heart of a free-enterprise system, which is to make people responsible for their own actions and to provide a system under which they are induced to use their resources effectively, under which if they engage in bad ventures, they get out.
That’s the fundamental difference between the market and government.”
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"Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari's - I wanted the independence. I desperately wanted it." -Charlie Munger
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Kenneth Griffin on why success in finance comes from solving tomorrow's problems — not yesterday's
Source: Yale School of Management, 2023
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Warren Buffett's investing mindset:
Treat every stock purchase as if you're buying the entire business at today's valuation — not just a few shares
Source: Berkshire Hathaway Annual Meeting
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Interviewer:
"If you could leave a brief message, something truly meaningful that summed up Friedrich von Hayek's thinking, what would it be?"
Friedrich von Hayek:
"Modern civilization, which today allows us to sustain four billion people in the world, was made possible thanks to the institution of private property. Only thanks to that institution have we achieved a social order so vast and complex that it surpasses the knowledge of any single individual. If we destroy that moral foundation, which consists of the recognition of private property, we will also destroy the sources that sustain current humanity and provoke a famine catastrophe such as humanity has never experienced."
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The world's top investors pay for one thing: better decisions
Media: 60 Minutes
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Larry Williams says the biggest trading mistake is letting losses dictate your next move. Accept the loss, learn from it, and focus on the next opportunity.
Source: Titans of Tomorrow
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David Paul gives the secret to identifying a bull market
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Michael Saylor explains why the money in your bank account isn't really "money":
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The Rules of Peter Lynch:
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Milton Friedman educates young idealist advocating 100% inheritance tax:
“What is the effect of a 100% inheritance tax? To encourage people to dissipate their wealth in high living.”
“Where do you get the factories, the machines, the capital investment, the incentive to improve technology, if what you’re doing is to establish a society in which the incentive is for people who, if they by accident accumulate some wealth, to waste it in frivolous entertainment?”
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The Warren Buffett way:
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Peter Lynch's edge: Focus on earnings, not headlines
Media: Charlie Rose
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