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Valuation Quotes

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Valuation Quotes

“Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.”

PeopleIfsMenWantShouldMeanEndsShowsValuesDecisionEconomicsTasksUltimateAimChosenJudgementDefiniteScopeTheoreticalAttainmentValuation
Book:Human Action
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“Ethics occupies a central place in philosophy because it is concerned with sin, with the origin of good and evil and with moral valuations. And since these problems have a universal significance, the sphere of ethics is wider than is generally supposed. It deals with meaning and value and its province is the world in which the distinction between good and evil is drawn, evaluations are made and meaning is sought.”

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Author:Nikolai Berdyaev
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“The great shift... is the movement away from the value-laden languages of... the "humanities," and toward the ostensibly value-neutral languages of the "sciences." This attempt to escape from, or to deny, valuation is... especially important in psychology... and the so-called social sciences. Indeed, one could go so far as to say that the specialized languages of these disciplines serve virtually no other purpose than to conceal valuation behind an ostensibly scientific and therefore nonvaluational semantic screen.”

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Author:Thomas Szasz
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“But what of the voice and judgment of conscience? The difficulty is that we have a conscience behind our conscience, an intellectual one behind the moral. ... We can see quite well that our opinions of what is noble and good, our moral valuations, are powerful levers where action is concerned; but we must begin by refining these opinions and independently creating for ourselves new tables of values.”

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Author:Georg Brandes
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“I do not believe that a moral philosophy can ever be founded on a scientific basis. … The valuation of life and all its nobler expressions can only come out of the soul’s yearning toward its own destiny. Every attempt to reduce ethics to scientific formulas must fail. Of that I am perfectly convinced.”

LifeBelieveSoulPhilosophyBeliefMoralDestinyFailingExpressionFailureEthicsBasesConvincedFormulasYearningScience And ReligionReductionMoral PhilosophyValuation
Book:Einstein on Politics: His Private Thoughts and Public Stands on Nationalism, Zionism, War, Peace, and the Bomb
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“We, however, want to become those we are--human beings who are new, unique, incomparable, who give themselves laws, who create themselves. To that end we must become the best learners and discoverers of everything that is lawful and necessary in the world: we must become physicists in order to be able to be creators in this sense--while hitherto all valuations and ideals have been based on ignorance of physics or were constructed so as to contradict it. Therefore: long live physics! And even more so that which compels us to turn to physics--our honesty!”

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Author:Friedrich Nietzsche
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“But these dear boys and girls--there is, something to be made out of them. If now they yield themselves to Christ they may have a long, happy, and holy day before them in which they may serve God with all then hearts. Who knows what glory God may have of them? Heathen lands may call them blessed. Whole nations may be enlightened by them. O brethren and sisters, let us estimate children at their true valuation, and we shall not keep them back, but we shall be eager to lead them to Jesus at once.”

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Author:Charles Spurgeon
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“The hallucination of separateness prevents one from seeing that to cherish the ego is to cherish misery. We do not realize that our so-called love and concern for the individual is simply the other face of our own fear of death or rejection. In his exaggerated valuation of separate identity, the personal ego is sawing off the branch on which he is sitting, and then getting more and more anxious about the coming crash!”

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Book:The Book: On the Taboo Against Knowing Who You Are
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“Their usual mistaken premise is that they affirm some consensus among people, at least among tame peoples, concerning certain moral principles, and then conclude that these principles must be unconditionally binding also for you and me-or conversely, they see that among different peoples moral valuations are necessarily different and infer from this that no morality is binding-both of which are equally childish.”

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Book:Nietzsche: The Gay Science: With a Prelude in German Rhymes and an Appendix of Songs
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“Truth may perhaps come to the price of a pearl, that showeth best by day; but it will not rise to the price of a diamond or carbuncle, that showeth best in varied lights. A mixture of a lie doth ever add pleasure. Doth any man doubt that, if there were taken out of men's minds vain opinions, flattering hopes, false valuations, imaginations as one would, and the like, but it would leave the minds of a number of men poor shrunken things, full of melancholy and indisposition, and unpleasing to themselves?”

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Book:Bacon's Essays: Top Essays
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“We need to put a price on carbon, and that's what cap-and-trade does and that's also what a CO2 tax does. As long as our current valuation in the marketplace tells us every minute of every day that it's perfectly all right to dump 90 million tons of global warming into the thin atmosphere surrounding the planet every 24 hours as if that atmosphere is an open sewer, then the individual actions are not going to solve the problem.”

IfsNeedsLongDoeProblemActionIndividualHoursMillionsMinutesPlanetsTaxesTradeCurrentsSolveAtmosphereGlobal WarmingCarbonMarketplaceCapsDumpCo2SewersValuation
Author:Al Gore
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“Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.”

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Author:Seth Klarman
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“The essence of the this-time-is-different syndrome is...rooted in the firmly held belief that financial crises are things that happen to other people in other countries at other times; crises do not happen to us, here and now. We are doing things better, we are smarter, we have learned from past mistakes. The old rules of valuation no longer apply. Unfortunately, a highly leveraged economy can unwittingly be sitting with its back at the edge of a financial cliff for many years before chance and circumstance provoke a crisis of confidence that pushes it off.”

PeopleYearsDifferentCountryHappensPastBeliefChanceMistakeEconomyCircumstancesSittingEssenceCrisisFinancialEdgesRootedOther CountriesSmarterProvokingCliffsHere And NowSyndromesFinancial CrisisValuationPast Mistakes
Author:Carmen Reinhart
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“However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because the valuations placed on these securities have implied overly rosy scenarios prone to popular revision in times of more realistic expectation. This is one of those times, but it is my feeling that the revisions have not been severe enough, the expectations not yet realistic enough. Hence, the world's best companies largely remain overpriced in the marketplace.”

IfsWorldHas BeensEnoughFeelingsGamesQualityCompanyRiskSecurityAmountExpectationsRealisticExposedSevereMarketplaceScenariosRevisionImpliedRosyValuationMarket RiskBest CompanyRealistic Expectations
Author:Michael Burry
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“The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.”

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Author:Seth Klarman
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