Found this quote today. Written nicely hence quoted below, did always suspect puritanical strain in self, think that clear logic must be so.
"The notion that a panic should be allowed to pursue its course is perhaps of two strains. One strain takes a certain amount of pleasure, or Schadenfreude, in the trouble visited upon the market, as retribution for excesses of the past; this somewhat puritanical or fundamentalist standpoint rather welcomes hellfire as just dessert. The other sees panic as a thunderstorm, cleaning the air. It purifies the commercial and financial elements, and tends to restore vitality and health, alike conducive to regular trade, sound progress and permanent prosperity." -Charles Kindleberger
Tuesday, April 17, 2007
A Review of Buffet's Partnership Letters here.
From it :
There is some ambiguity in the statements he makes now and the way that he ran his business back then. He talks about how he never used margin but he actually did. Sometimes he would borrow up to 25%. He also berates fund managers for the fees they charge but his funds charged 25% of anything over 6%. He also had other fee schedules that would charge 1/3 of all profits (with no bogey). These high fees are where he made his original wealth that would allow him to be the largest shareholder of his current company and one of the wealthiest people in the world.
From it :
There is some ambiguity in the statements he makes now and the way that he ran his business back then. He talks about how he never used margin but he actually did. Sometimes he would borrow up to 25%. He also berates fund managers for the fees they charge but his funds charged 25% of anything over 6%. He also had other fee schedules that would charge 1/3 of all profits (with no bogey). These high fees are where he made his original wealth that would allow him to be the largest shareholder of his current company and one of the wealthiest people in the world.
Wednesday, April 11, 2007
Something off-topic: Read this about the Gnostic Gospels yesterday :
According to the Nag Hammadi Gnostic Gospels, Jesus was just a roving, wise man who preached a life of possession-less wandering and of whole-hearted acceptance of fellow human beings. He preached that self-knowledge is the knowledge of God; the self and the divine are one and the same. The message conveyed was that to know oneself, at the deepest level, was also to know God-that is , by looking within oneself to find the sources of joy, sorrow, love and hate, one would find God.
Hmm, sounds more plausible than immaculate conception etc.. Sign me up.
According to the Nag Hammadi Gnostic Gospels, Jesus was just a roving, wise man who preached a life of possession-less wandering and of whole-hearted acceptance of fellow human beings. He preached that self-knowledge is the knowledge of God; the self and the divine are one and the same. The message conveyed was that to know oneself, at the deepest level, was also to know God-that is , by looking within oneself to find the sources of joy, sorrow, love and hate, one would find God.
Hmm, sounds more plausible than immaculate conception etc.. Sign me up.