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Lost Money Quotes

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Lost Money Quotes

“I proceeded to prove everybody right as to how bad an economics student I was by failing as an assistant manager in every theatre I went to that hired me, both as an assistant manager and as an actor. I lost money and tickets, and I couldn't keep track of anything. So eventually they fired me from assistant-manager jobs, but kept me on as an actor.”

“People always make this totally artificial distinction between what is commercial and what is good. They quote that maxim "Nobody ever lost money underestimating the public's taste" and I think that's very wrongheaded. I like to believe the audience is actually intelligent, because it's made up of other people like yourself.”

“No one in this world, so far as I know--and I have searched the records for years, and employed agents to help me--has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has any one ever lost public office thereby. The mistake that is made always runs the other way. Because the plain people are able to speak and understand, and even, in many cases, to read and write, it is assumed that they have ideas in their heads, and an appetite for more. This assumption is folly. They dislike ideas, for ideas make them uncomfortable.”

“In my opinion, the greatest misconception about the market is the idea that if you buy and hold stocks for long periods of time, you'll always make money. Let me give you some specific examples. Anyone who bought the stock market at any time between the 1896 low and the 1932 low would have lost money. In other words, there's a 36 year period in which a buy-and-hold strategy would have lost money. As a more modern example, anyone who bought the market at any time between the 1962 low and the 1974 low would have lost money.”

“LTCM lost money when Russia defaulted on a certain class of bonds, and then they had other investments like on the spread between two different kinds of shares of Royal Dutch Shell Oil Company. Now that seems completely unrelated to Russian bonds. But they were related because other hedge funds saw similar discrepancies and they were all making similar bets.”

“That's a very hard thing to help the establishment know. We're still an establishment that thinks the average mentality is something like 13 years of age, that never forgot H.L. Mencken's notion that nobody lost money underestimating the intelligence of the American people. That's the horseshit the establishment has always lived with.”

“It has now become a status symbol among the rich to say that you got ripped off by Bernie Madoff, because everybody is losing money in the market, everybody is, but it makes you special and unique if you lost money because of Madoff. These people don't think it makes 'em look stupid. It continues to elevate their status, they think.”

“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.”

“The only way of making money is for effort. The only time I've ever lost money is when I've purposely said, "I'm doing this to make money." And I've actually on three occasions lost significant sums. I have made wealth when I've actually made a contribution to something, when I've done something I thought I could do better than somebody else or have done something better than somebody else does it.”

“It is good to have money and the things that money can buy, but it's good too, to check up once in a while and make sure you haven't lost the things money can't buy.”