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Brokers Quotes

“Babcock fidgeted with one of his cufflinks while staring down the remaining brokers in his office. He then delivered something akin to a pep talk in a severe tone. "... The world depends on our services. Services that must not be impeded. We don't break our backs producing things that have no real value—food, shelter, clothes ... art. No! We're titans of finance. We move intangible things and ideas around the world on digital platforms. No one else in the world can accumulate as much wealth as we do by simply moving around one and zeros on computers.”

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Book:The Beasts of Success
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“We never will have any prosperity that is free from speculation till we pass a law that every time a broker or person sells something, he has got to have it sitting there in a bucket, or a bag, or a jug, or a cage, or a rat trap, or something, depending on what it is he is selling. We are continually buying something that we never get from a man that never had it.”

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Book:Will Rogers' Daily Telegrams: The Coolidge years, 1926-1929
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“Kyoto costs a lot, does nothing to prevent calamity, and pays no compensation in the event of loss. If my insurance broker offered that sort of policy, I would not carry insurance. Instead what my broker offers is a policy that costs a little and pays full compensation in the event of loss. If someone wants to propose that as a policy on global warming, I'm all in favour.”

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Author:Ross McKitrick
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“on Broadway money rules. Like a host of vultures, the ticket brokers, the speculators, the craft unions, the agents, the backers, the real estate owners move in on the creative body and take their bite. The world of dreams breathes in an iron lung; and without this mechanical pumping it dies.”

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Book:The New York I Know
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“Quinn's First Law of Investing is never to buy anything whose price you can't follow in the newspapers. An investment without a public marketplace attracts the fabulists the way picnics attract ants. Stock brokers and financial planners can tell you anything they want, because no one really knows what's true. The First Corollary to Quinn's First Law states that, even when the price is in the newspapers, you shouldn't buy anything too complex to explain to the average 12-year-old.”

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Book:Making the Most of Your Money
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“The general systems of money management today require people to pretend to do something they can't do and like something they don't. It's a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals.”

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Author:John C. Bogle
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“Diversification is something that stock brokers came up with to protect themselves, so they wouldn't get sued for making bad investment choices for clients. Henry Ford never diversified, Bill Gates didn't diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket.”

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Author:Jim Rogers
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“One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.”

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Author:Warren Buffett
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“The Carlyle Group is the most politically connected investment firm in the world. The company has mastered the art of influence peddling on a global scale, hiring executives and consultants ranging from Republican power broker James Baker and former president George Herbert Walker Bush to foreign leaders like former British prime minister John Major and former Philippine president Fidel Ramos.”

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Author:William Hartung
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“Ask any real estate broker to name the three most important factors in buying a property, and he'll say: "Location, location, location." Now ask him to name the chief justice of the United States Supreme Court, and he'll say: "Location, location, location." This tells us that we should not necessarily be paying a whole lot of attention to real estate brokers.”

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Book:Homes and Other Black Holes
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“Time and again-from the collapse of the Soviet Union to the events of 9/11 to the onset of the Arab Spring-events have caught the experts, whether in government or on the outside, completely by surprise. Business owners with comparable performance records go bust. Brokers lose their clients. Physicians get sued for malpractice. Yet think-tankers and policy wonks continue to opine, never pausing to reflect on-or apologize for-their spotty records.”

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Author:Andrew Bacevich
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“The market gives you the opportunity to arbitrage what the emotional investor will pay or sell at versus the fundamental value of a company, but you've got to pull the trigger promptly without hesitating. We've disciplined ourselves mentally and prepared ourselves in terms of information, as well as relationships with brokers, to do that.”

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Author:Richard Chandler
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“Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.”

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Author:Richard Thaler
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“While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most investors and speculators. The speculative urge that lies within most of us is strong; the prospect of a free lunch can be compelling, especially when others have already seemingly partaken. It can be hard to concentrate on potential losses while others are greedily reaching for gains and your broker is on the phone offering shares in the latest "hot" initial public offering. Yet the avoidance of loss is the surest way to ensure a profitable outcome.”

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Author:Seth Klarman
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“Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.”

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Author:Charlie Munger
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“Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product. But if it makes money, we tend to do it in this country.”

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Author:Charlie Munger
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“If you take sales presentations and brokers of commercial real estate and businesses... I'm 70 years old, I've never seen one I thought was even within hailing distance of objective truth.... 'incentive-caused bias,' causes this terrible abuse. And many of the people who are doing it you would be glad to have married into your family compared to what you're otherwise going to get.”

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Author:Charlie Munger
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“The financial collapse of 2008 got its start with predatory mortgages, that weren’t sold by community banks and credit unions, they were sold by fly by night mortgage brokers who had almost zero federal oversight and then the big banks looked over, saw the profit potential and they wanted it bad. So they jumped in and sold millions of these terrible mortgages while the bank regulators just looked the other way.”

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Author:Elizabeth Warren
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