Quotes about stock
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“The Sizemores are the laughing stock of wannabee genealogy. They claim Cherokee descent, but their paper trail shows them to be white.”

Lisa Alther (1944) Novelist

Kinfolks

“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

In a panel discussion after the premier of the 2008 documentary I.O.U.S.A.. Panel at the Premier, 0:05:42ff., DVD extras, I.O.U.S.A. (2008)

Business

“Used with caution, such formulae really are very useful indeed, and indeed they form the professional stock-in-trade of most engineering designers and draughtsmen. There is not the slightest need to be ashamed of using them; in fact we all do. But they must be used with caution.
# Make sure that you really understand what the formula is about.
# Make sure that it really does apply to your particular situation.
# Remember, remember, remember, that these formulae take no account of stress concentrations or other special local conditions.”

J.E. Gordon (1913–1998) Materials scientist

Appendix 1, Handbooks and formulae
Structures (or, Why Things Don't Fall Down) (1978)

Understanding

“As I have said a thousand times, no manipulation can put stocks down and keep them down.”

Edwin Lefèvre book Reminiscences of a Stock Operator

Source: Reminiscences of a Stock Operator (1923), Chapter XV, p. 186

Time

“To us there has come a time, in the midst of swift happenings, to pause for a moment and take stock — to recall what our place in history has been, and to rediscover what we are and what we may be. If we do not, we risk the real peril of inaction.”

Franklin D. Roosevelt (1882–1945) 32nd President of the United States

1940s, Third inaugural address (1941)

History, Time

“Back in 2000 a Republican friend warned me that if I voted for Al Gore and he won, the stock market would tank, we'd lose millions of jobs, and our military would be totally overstretched. You know what? I did vote for Al Gore, he did win, and I'll be damned if all those things didn't come true!”

James Carville (1944) political writer, consultant and United States Marine

Account of speech to a group, in Had enough?: A handbook for fighting back (2003), p. 2 http://books.google.com/books?id=gH4bMmu4CA4C

“Advanced Courses are the most valuable service on the planet. Life insurance, houses, cars, stocks, bonds, college savings, all are transitory and impermanent … There is nothing to compare with Advanced Courses. They are infinitely valuable and transcend time itself.”

L. Ron Hubbard (1911–1986) American science fiction author, philosopher, cult leader, and the founder of the Church of Scientology

On his Operating Thetan Courses, in Flag Mission Order 375 (1970).

Life, Cars, Time, Housing

“The Muscogee was once a mighty people. The Georgians trembled at your war-whoop, and the maidens of my tribe, on the distant lakes, sung the prowess of your warriors and sighed for their embraces. Now your very blood is white; your tomahawks have no edge; your bows and arrows were buried with your fathers. Oh! Muscogees, brethren of my mother, brush from your eyelids the sleep of slavery; once more strike for vengeance; once more for your country. The spirits of the mighty dead complain. Their tears drop from the weeping skies. Let the white race perish! They seize your land, they corrupt your women, they trample on your dead! Back! whence they came, upon a trail of blood, they must be driven! Back! back — ay, into the great water whose accursed waves brought them to our shores! Burn their dwellings! Destroy their stock! Slay their wives and children! The red man owns the country, and the pale-face must never enjoy it! War now! War forever! War upon the living! War upon the dead! Dig their very corpses from the graves! Our country must give no rest to the white man's bones.”

Tecumseh (1768–1813) Native American leader of the Shawnee

Speech to the Creek people, quoted in Great Speeches by Native Americans by Robert Blaisdel. This quote appeared in J. F H. Claiborne, Life and Times of Gen. Sam Dale, the Mississippi Partisan (Harper, New York, 1860). However, historian John Sugden writes, "Claiborne's description of Tecumseh at Tuckabatchie in the alleged autobiography of the Fontiersman, Samuel Dale, however, is fraudulent. … Although they adopt the style of the first person, as in conventional autobiography, the passages dealing with Tecumseh were largely based upon published sources, including McKenney, Pickett and Drake's Life of Tecumseh. The story is cast in the exaggerated and sensational language of the dime novelist, with embellishments more likely supplied by Claiborne than Dale, and the speech put into Tecumseh's mouth is not only unhistorical (it has the British in Detroit!) but similar to ones the author concocted for other Indians in different circumstances." Sugden also finds it "unreliable" and "bogus." Sugden, John. "Early Pan-Indianism; Tecumseh’s Tour of the Indian Country, 1811-1812." American Indian Quarterly 10, no. 4 (1986): 273–304. doi:10.2307/1183838.
Misattributed, "Let the White Race Perish" (October 1811)

Women, War, Children, People

“The public be damned. What does the public care for railroads except to get as much out of them for as small a consideration as possible? I don't take any stock in this silly nonsense about working for anybody's good but our own, because we are not. When we make a move, we do it because it is in our interest to do so, and not because we expect to do somebody else good. Of course, we like to do everything possible for the benefit of humanity in general, but when we do, we first see that we are benefiting ourselves. Railroads are not run on sentiment, but on business principles and to pay, and I don't mean to be egotistic when I say that the roads which I have had anything to do with have generally paid pretty well.”

William Henry Vanderbilt (1821–1885) American philanthropist

Quoted in Clarence P. Dresser, "Vanderbilt in the West" New York Times (9 October 1882). Dresser's account has Vanderbilt denying that he ran a particular passenger express service for the public benefit, but rather to drive down prices of a competing Pennsylvania Railroad service. By some accounts Dresser fabricated the interview except for the first sentence, which Vanderbilt said in refusing to give an interview. See "Reporter C. P. Dresser Dead", New York Times (25 April 1891).
Disputed

Business

“Once you’re head of a public company you are expected to perform; you’re like an unpaid greyhound on a racetrack called the stock market. They’d take bets on us, but not add anything at all.”

Alec Reed (1934) British businessman

The Business Times Online https://www.reedglobal.com/documents/110470/280381/Talent+tapper/ed157555-fdc6-4665-a265-70b2d407abd4, 2012.

“In the four years since the inspectors left, intelligence reports show that Saddam Hussein has worked to rebuild his chemical and biological weapons stock, his missile delivery capability, and his nuclear program. He has also given aid, comfort, and sanctuary to terrorists, including Al Qaeda members, though there is apparently no evidence of his involvement in the terrible events of September 11, 2001. It is clear, however, that if left unchecked, Saddam Hussein will continue to increase his capacity to wage biological and chemical warfare, and will keep trying to develop nuclear weapons. Should he succeed in that endeavor, he could alter the political and security landscape of the Middle East, which as we know all too well affects American security. This much is undisputed… This is a difficult vote. This is probably the hardest decision I have ever had to make. Any vote that may lead to war should be hard, but I cast it with conviction.”

Hillary Clinton (1947) American politician, senator, Secretary of State, First Lady

Senate speech (10 October 2002) http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=2002_record&docid=cr10oc02-70 Senate years (2001 – January 19, 2007)

War, Intelligence, Decision

“For years your treasure has been in the Stock Exchange, or the House of Commons, or the Salon, or the reviews that "really count" (if they still exist), or the drawing-rooms of Mayfair; and thither your heart perpetually tends to stray. Habit has you in its chains. You are not free.”

Evelyn Underhill book Practical Mysticism

Source: Practical Mysticism (1914), Chapter V, Self Adjustment, p. 84

Heart, Drawing, Housing

“To me, therefore, that Thracian Orpheus, that Theban, and that Methymnaean,--men, and yet unworthy of the name,--seem to have been deceivers, who, under the pretence of poetry corrupting human life, possessed by a spirit of artful sorcery for purposes of destruction, celebrating crimes in their orgies, and making human woes the materials of religious worship, were the first to entice men to idols; nay, to build up the stupidity of the nations with blocks of wood and stone,--that is, statues and images,--subjecting to the yoke of extremest bondage the truly noble freedom of those who lived as free citizens under heaven by their songs and incantations. But not such is my song, which has come to loose, and that speedily, the bitter bondage of tyrannizing demons; and leading us back to the mild and loving yoke of piety, recalls to heaven those that had been cast prostrate to the earth. It alone has tamed men, the most intractable of animals; the frivolous among them answering to the fowls of the air, deceivers to reptiles, the irascible to lions, the voluptuous to swine, the rapacious to wolves. The silly are stocks and stones, and still more senseless than stones is a man who is steeped in ignorance. As our witness, let us adduce the voice of prophecy accordant with truth, and bewailing those who are crushed in ignorance and folly: "For God is able of these stones to raise up children to Abraham;" and He, commiserating their great ignorance and hardness of heart who are petrified against the truth, has raised up a seed of piety, sensitive to virtue, of those stones--of the nations, that is, who trusted in stones. Again, therefore, some venomous and false hypocrites, who plotted against righteousness, he once called "a brood of vipers."”

Clement of Alexandria (150–215) Christian theologian

But if one of those serpents even is willing to repent, and follows the Word, he becomes a man of God.
Exhortation to the Heathen

Love, Life, Men, God

“Make a list of all the environmental and social problems that today afflict us and our poor battered planet. – not just the extinction of species and animals and plants, that fifty years ago was the first signs of impending global disaster, but traffic congestion, oil prices, pressure on the health service, the growth of mega-cities, migration patterns, immigration policies, unemployment, the loss of arable land, desertification, famine, increasingly violent weather, the acidification of the oceans, the collapse of fish stocks, rising sea temperatures, the loss of rain forest. The list goes on and on. But they all share an underlying cause. Every one of these global problems, environmental as well as social becomes more difficult – and ultimately impossible - to solve with ever more people.”

David Attenborough (1926) British broadcaster and naturalist

How Many People Can Live on Planet Earth? (BBC Horizon, 2009)

People, Health, Problem, Fish

“I know of no severe depression, in any country or any time, that was not accompanied by a sharp decline in the stock of money and equally of no sharp decline in the stock of money that was not accompanied by a severe depression.”

Milton Friedman (1912–2006) American economist, statistician, and writer

As quoted in The Money Masters (1995)

Money, Time, Country

“No Art can be grafted with success on another art. For though they all profess the same origin, and to proceed from the same stock, yet each has its own peculiar modes both of imitating nature, and of deviating from it, each for the accomplishment of its own particular purpose. These deviations, more especially, will not bear transplantation to another soil.”

Joshua Reynolds (1723–1792) English painter, specialising in portraits

Discourse no. 13, delivered on December 11, 1786; vol. 2, p. 134.
Discourses on Art

Art, Nature, Success

“Let us look facts straight in the eye. World imperialism headed by its aggressive detachment, U. S. imperialism, is directing the course of its economy towards preparations for war. It is arming itself to the teeth. U. S. imperialism is rearming Bonn's Germany, Japan, and all its allies and satellites with all kinds of weapons. It has set up and perfected aggressive military organizations, it has established and continues to establish military bases all around the socialist camp. It is accumulating stocks of nuclear weapons and refuses to disarm, to stop testing nuclear weapons, and is feverishly engaged in inventing new means of mass extermination. Why is it doing all this? To go to a wedding party? No, to go to war against us, to do away with socialism and communism, to put the peoples under bondage.”

Enver Hoxha (1908–1985) the Communist leader of Albania from 1944 until his death in 1985, as the First Secretary of the Party of L…

Speeches, Moscow Address

War, People, World, Communication

“It is a curious fact, that the true has always been more opposed at the outset than the false; the circulation of the blood and vaccination nearly lost their discoverers credit and practice, while some vender of quack medicines makes a rapid fortune. This may perhaps be accounted for, simply, that the impostor addresses the multitude, while the scientific discoverer appeals to his brethren in knowledge, all of whom are inclined to deny, what, if admitted, must show, that a great part of their own research and acquirement has been in vain; still he who trades on human credulity will have a good stock on hand, especially when the lure held forth is that of gain.”

Letitia Elizabeth Landon (1802–1838) English poet and novelist

Literary Remains

Knowledge, Parting, Falseness

“Now, I always think that one of the most curious contradictions about the English stock is this: that while the criticism that is often made of us is not without an element of truth, and that is that as a nation we are less open to the intellectual sense than the Latin races, yet through that may be a fact, there is no nation on earth that has had the same knack of producing geniuses. It is almost a characteristic of the English race; there is hardly any line in which the nation has not produced geniuses, and in a nation which may people might think restrained, unable to express itself, in this same nation you have a literature second to none that has ever existed in the world, and certainly in poetry supreme.”

Stanley Baldwin (1867–1947) Former Prime Minister of the United Kingdom

Speech at the annual dinner of The Royal Society of St. George (6 May 1924), quoted in On England, and Other Addresses (1926), pp. 2-3.
1924

People, Truth, World, Literature

“Behold you, then, my dear friend, at the head of a great army, establishing the liberties of your country against a foreign enemy. May heaven favor your cause, and make you the channel through which it may pour its favors. While you are exterminating the monster aristocracy, and pulling out the teeth and fangs of its associate, monarchy, a contrary tendency is discovered in some here. A sect has shown itself among us, who declare they espoused our new Constitution, not as a good and sufficient thing in itself, but only as a step to an English constitution, the only thing good and sufficient in itself, in their eye. It is happy for us that these are preachers without followers, and that our people are firm and constant in their republican purity. You will wonder to be told that it is from the eastward chiefly that these champions for a king, lords and commons come. They get some important associates from New York, and are puffed up by a tribe of agitators which have been hatched in a bed of corruption made up after the model of their beloved England. Too many of these stock-jobbers and king-jobbers have come into our legislature, or rather too many of our legislature have become stock-jobbers and king-jobbers. However, the voice of the people is beginning to make itself heard, and will probably cleanse their seats at the ensuing election.”

James Madison (1751–1836) 4th president of the United States (1809 to 1817)

Letter to Gilbert du Motier, marquis de Lafayette (16 June 1792)
1790s

People, Country, Happiness

“It is a sore thing to have laboured along and scaled the arduous hilltops, and when all is done, find humanity indifferent to your achievement. Hence physicists condemn the unphysical; financiers have only a superficial toleration for those who know little of stocks; literary persons despise the unlettered; and people of all pursuits combine to disparage those who have none.
But though this is one difficulty of the subject, it is not the greatest. You could not be put in prison for speaking against industry, but you can be sent to Coventry for speaking like a fool. The greatest difficulty with most subjects is to do them well; therefore, please to remember this is an apology. It is certain that much may be judiciously argued in favour of diligence; only there is something to be said against it, and that is what, on the present occasion, I have to say.”

Robert Louis Stevenson (1850–1894) Scottish novelist, poet, essayist, and travel writer

An Apology for Idlers.
Virginibus Puerisque and Other Papers (1881)

People, Fools, Personality, Indifference

“I didn't care about the statistics in anything else. I didn't, and don't pay any attention to the statistics of the stock market, the weather, the crime rate, the gross national product, the circulation of magazines, the ebb and flow of literacy among football fans and how many people are going to starve to death before the year 2050 if I don't start adopting them for $3.69 a month; just baseball. Now why is that? It is because baseball statistics, unlike the statistics in any other area, have acquired the powers of language.”

Bill James (1949) American baseball writer and statistician

1985 Baseball Abstract

Death, People, Football, Weather

“Mr. Richard Arkwright, after many years study, brought his spinning machinery to bear about 1768: he was a native of Lancashire; but fearing the same fate as Hargrave, went to Nottingham, and obtained a patent, dated 3 July 1769, for a machinery for making web or yarn of cotton, flax, or wool. He afterwards found it necessary to apply the same principles to the preparation, and took another patent, dated 16 December 1775, for certain machines for preparing silk, cotton, flax and wool for spinning. During five years after the date of his first patent, Mr. Arkwright and his partners expended 12,000 l in machinery and buildings before any profit was made. The last invention was a very important addition to the first; and by combining them, excellent yarn, or twist, was at last produced; but there was still much difficulty in establishing a trade; for the cotton manufacturers would not have the new yarn at any price, and the proprietors were obliged to weave the yarn, into stockings, and into calicoes; but the latter was restricted by the Excise, which rendered relief by an Act of Parliament necessary.”

Richard Arkwright (1732–1792) textile entrepreneur; developer of the cotton mill

The case, 1782

Fate, Fear, Study

“Children born of fairy stock
Never need for shirt or frock,
Never want for food or fire,
Always get their heart's desire…”

Robert Graves (1895–1985) English poet and novelist

"I'd Love To Be A Fairy's Child".
Fairies and Fusiliers (1917)

Children, Food, Heart

“We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human civilization first took root in the Fertile Crescent.”

William J. Bernstein (1948) economist

Source: The Four Pillars of Investing (2002), Chapter 1, No Guts, No Glory, p. 6.

Thinking

“The graph does show one tremendous rise and collapse which stands out starkly from all the other fluctuations. This is commonly called the "new era" stock market of 1927-33. The striking feature of this phenomenon was that the new era existed solely in the minds of market speculators. The whole episode, in retrospect, now seems to have been one of those rare manifestations of mass financial madness which we used to study in our history books under the titles of "the South Sea Bubble", "the Mississippi Bubble" and so on.”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 36

Books, History, Study, Sea

“Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 21

Intelligence, Success

“The kings made us drunk with fumes,
Peace among us, war to the tyrants!
Let the armies go on strike,
Stocks in the air, and break ranks.
If they insist, these cannibals
On making heroes of us,
They will know soon that our bullets
Are for our own generals.”

Eugène Edine Pottier (1816–1887) French politician

Les rois nous saoulaient de fumées
Paix entre nous, guerre aux tyrans
Appliquons la grève aux armées
Crosse en l'air, et rompons les rangs
S'ils s'obstinent, ces cannibales
À faire de nous des héros
Ils sauront bientôt que nos balles
Sont pour nos propres généraux
The Internationale (1864)

War, Peace

“There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U. S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.”

Ben Bernanke (1953) American economist

"A Crash Course for Central Bankers," http://www.foreignpolicy.com/story/cms.php?story_id=3272 Foreign Policy (September/October 2000)

History

“A price decline is of no real importance to the bona fide investor unless it is either very substantial—say, more than a third from cost—or unless it reflects a known deterioration of consequence in the company's position. In a well-defined bear market many sound common stocks sell temporarily at extraordinary low prices. It is possible that the investor may then have a paper loss of fully 50 per cent on some of his holdings, without any convincing indication that the underlying values have been permanently affected.”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 25

Loss

“In the old days, they put idiots in the village stocks. Now we put them on the Today programme.”

Godfrey Bloom (1949) UK EU parliament member

John Prescott, Evening Standard, Wednesday 7 August 2013, p. 16
About

“It was a bright September afternoon, and the streets of New York were brilliant with moving men…. He was pushed toward the ticket-office with the others, and felt in his pocket for the new five-dollar bill he had hoarded…. When at last he realized that he had paid five dollars to enter he knew not what, he stood stock-still amazed…. John… sat in a half-maze minding the scene about him; the delicate beauty of the hall, the faint perfume, the moving myriad of men, the rich clothing and low hum of talking seemed all a part of a world so different from his, so strangely more beautiful than anything he had known, that he sat in dreamland, and started when, after a hush, rose high and clear the music of Lohengrin's swan. The infinite beauty of the wail lingered and swept through every muscle of his frame, and put it all a-tune. He closed his eyes and grasped the elbows of the chair, touching unwittingly the lady's arm. And the lady drew away. A deep longing swelled in all his heart to rise with that clear music out of the dirt and dust of that low life that held him prisoned and befouled. If he could only live up in the free air where birds sang and setting suns had no touch of blood! Who had called him to be the slave and butt of all?… If he but had some master-work, some life-service, hard, aye, bitter hard, but without the cringing and sickening servility…. When at last a soft sorrow crept across the violins, there came to him the vision of a far-off home — the great eyes of his sister, and the dark drawn face of his mother…. It left John sitting so silent and rapt that he did not for some time notice the usher tapping him lightly on the shoulder and saying politely, 'will you step this way please sir?'… The manager was sorry, very very sorry — but he explained that some mistake had been made in selling the gentleman a seat already disposed of; he would refund the money, of course… before he had finished John was gone, walking hurriedly across the square… and as he passed the park he buttoned his coat and said, 'John Jones you're a natural-born fool.”

W.E.B. Du Bois book The Souls of Black Folk

Then he went to his lodgings and wrote a letter, and tore it up; he wrote another, and threw it in the fire....
Source: The Souls of Black Folk (1903), Ch. XIII: Of the Coming of John

Life, Men, Money, World

“Kerrang!: Clare Sharp from Glasgow would like to know what you thought of your mum's appearance in Kerrang! last August [1996] - predicting the future for ten rock stars?
Cornell: Well, if she's gonna predict things, it seems like she would be really good at the stock market or something. But she is my mom, and she's a really good mom - so if she gives advice, it's good advice.”

Chris Cornell (1964–2017) American singer-songwriter, musician

Kerrang! Magazine, March 1, 1997 http://web.stargate.net/soundgarden/articles/kerr_3-1-97.shtml, On his family

Star, Moms, Appearance, Future

“As the title of his 1941 book indicates, the theory of capital lay at the heart of his theory of the cycle. The reason is that he attributes the cycle not to changes in aggregate demand, or even to changes in the quantity of capital, but to changes in the structure of production and hence the structure of the capital stock. In this, his theory was highly unusual: one of the reasons for his failure to engage more effectively with Keynes was the latter’s inability to see how the theory of capital could be of any importance for the cycle. Because the theory of capital is so central, and because it is so complex, it needs to be explained carefully. After that, the rest of his theory falls into place comparatively easily.”

Roger Backhouse (economist) (1951) British economist

"Hayek on money and the business cycle", 2006

Books, Failure, Change, Heart

“It seems to be expected of every pilgrim up the slopes of the mathematical Parnassus, that he will at some point or other of his journey sit down and invent a definite integral or two towards the increase of the common stock.”

James Joseph Sylvester (1814–1897) English mathematician

James Joseph Sylvester, Collected Mathematical Papers, Vol. 2 (1908), p. 214.
Bigeometric Calculus: A System with a Scale-Free Derivative by Michael Grossman, p. 31.

Mathematics

“What is essential to the idea of a slave? We primarily think of him as one who is owned by another. To be more than nominal, however, the ownership must be shown by control of the slave's actions — a control which is habitually for the benefit of the controller. That which fundamentally distinguishes the slave is that he labours under coercion to satisfy another's desires. The relation admits of sundry gradations. Remembering that originally the slave is a prisoner whose life is at the mercy of his captor, it suffices here to note that there is a harsh form of slavery in which, treated as an animal, he has to expend his entire effort for his owner's advantage. Under a system less harsh, though occupied chiefly in working for his owner, he is allowed a short time in which to work for himself, and some ground on which to grow extra food. A further amelioration gives him power to sell the produce of his plot and keep the proceeds. Then we come to the still more moderated form which commonly arises where, having been a free man working on his own land, conquest turns him into what we distinguish as a serf; and he has to give to his owner each year a fixed amount of labour or produce, or both: retaining the rest himself. Finally, in some cases, as in Russia before serfdom was abolished, he is allowed to leave his owner's estate and work or trade for himself elsewhere, under the condition that he shall pay an annual sum. What is it which, in these cases, leads us to qualify our conception of the slavery as more or less severe? Evidently the greater or smaller extent to which effort is compulsorily expended for the benefit of another instead of for self-benefit. If all the slave's labour is for his owner the slavery is heavy, and if but little it is light. Take now a further step. Suppose an owner dies, and his estate with its slaves comes into the hands of trustees; or suppose the estate and everything on it to be bought by a company; is the condition of the slave any the better if the amount of his compulsory labour remains the same? Suppose that for a company we substitute the community; does it make any difference to the slave if the time he has to work for others is as great, and the time left for himself is as small, as before? The essential question is—How much is he compelled to labour for other benefit than his own, and how much can he labour for his own benefit? The degree of his slavery varies according to the ratio between that which he is forced to yield up and that which he is allowed to retain; and it matters not whether his master is a single person or a society. If, without option, he has to labour for the society, and receives from the general stock such portion as the society awards him, he becomes a slave to the society.”

Herbert Spencer (1820–1903) English philosopher, biologist, sociologist, and prominent classical liberal political theorist

The Man versus the State (1884), The Coming Slavery

Life, Food, Communication, Idea

“An isolated man like Alexander Selkirk might feel the benefit of a stock of provisions, tools and other means of facilitating industry, although cut off from traffic, with other men.”

William Stanley Jevons The Theory of Political Economy

Source: The Theory of Political Economy (1871), Chapter VII, Theory of Capital, p. 185.

Men, Feeling

“The social distribution of knowledge thus begins with the simple fact that I do not know everything known to my fellowmen, and vice versa, and culminates in exceedingly complex and esoteric systems of expertise. Knowledge of how the socially available stock of knowledge is distributed, at least in outline, is an important element of that same stock of knowledge.”

Peter L. Berger book The Social Construction of Reality

Source: The Social Construction of Reality, 1966, p. 46

Knowledge

“A nightcap decked his brows instead of bay,
A cap by night — a stocking all the day!”

Oliver Goldsmith (1728–1774) Irish physician and writer

Description of an Author's Bedchamber (1760).

Night

“Of all the mysteries of the stock exchange there is none so impenetrable as why there should be a buyer for everyone who seeks to sell.”

John Kenneth Galbraith book The Great Crash, 1929

Source: The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929), Chapter VI, The Crash, p. 104

“[begin list of sophomoric puns] I bet he'd find a place up the chimney of any woman. He's certainly good at filling their stockings. Trouble is, he wouldn't be much good as a lover as he can only come once a year. [end list of sophomoric puns] (Why Chicks Dig Father Christmas)”

Ben Croshaw (1983) English video game journalist

Fully Ramblomatic, Essays

Lovers, Christmas

“We hardly know an instance of the strength and weakness of human nature so striking and so grotesque as the character of this haughty, vigilant, resolute, sagacious blue-stocking, half Mithridates and half Trissotin, bearing up against a world in arms, with an ounce of poison in one pocket and a quire of bad verses in the other.”

Thomas Babington Macaulay, 1st Baron Macaulay (1800–1859) British historian and Whig politician

On Fredrick the Great (1842)

World, Nature

“The occupation of the stock-jobber yields no new or useful product; consequently having no product of his own to give in exchange, he has no revenue to subsist upon, but what he contrives to make out of the unskilfulness or ill-fortune of gamesters like himself.”

Jean-Baptiste Say (1767–1832) French economist and businessman

Source: A Treatise On Political Economy (Fourth Edition) (1832), Book III, On Consumption, Chapter IX, p. 481 (See also: Karl Marx, Capital, Volume III, Chapter XXVII, p. 440)

“Clichés, stock phrases, adherence to conventional, standardized codes of expression and conduct have the socially recognized function of protecting us against reality.”

Hannah Arendt book The Life of the Mind

Source: The Life of the Mind (1971/1978), p. 4.

Reality

“Men who borrow their Opinions can never repay their Debts. They are Beggars by Nature, and can therefore never get a Stock to grow rich upon.”

George Savile, 1st Marquess of Halifax (1633–1695) English politician

Political, Moral, and Miscellaneous Reflections (1750), Miscellaneous Thoughts and Reflections

Men, Nature

“The price of a stock is strongly influenced by the behavior of the traders in a nontrivial way.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 6, Hierarchies, Complex Fractal Dimensions, And Log Periodicity, p. 183.

Way, Behavior

“Looking back the great American ‘stabilisation’ [and boom] of 1922-1929 was really a vast attempt to destabilise the value of money in terms of human effort by means of a colossal programme of investment [driven by too easy credit]… which succeeded for a surprisingly long period, but which no human ingenuity could have managed to direct indefinitely on sound and balanced lines. [and therefore it ended dramatically in the huge 1929 stock market crash followed by the Great Depression. ]”

Dennis Holme Robertson (1890–1963) British economist

D.H. Robertson in "How Do We Want Gold to Behave?." The International Gold Problem, Humphrey Milford (1932): As cited in imagi-natives.com; Also cited in: Murray N. Rothbard (2013) America's Great Depression (LFB) p. 1921.

Money, Effort

“I refuse to believe that trading recipes is silly. Tuna-fish casserole is at least as real as corporate stock.”

Barbara Grizzuti Harrison (1934–2002) American journalist

Cited in: Bill Adler (2001) Funny Ladies: The Best Humor from America's Funniest Women, p. 86

Fish

“Question: …you believe the Fed shouldn't exist… make the case.
Ron Paul: First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value. This station talks about free market capitalism, and you can't have free market capitalism if you have a secret bank creating money and credit out of thin air. They become the central planners, they decide what interest rates should be, what the supply of money should be…
Question: How does the gold standard solves that?
Ron Paul: It maintains a stable currency and a stable value. If the Fed concentrated more on stable money rather than stable prices… They push up new money in stocks and in commodities and in houses, and then they have to come in to rescue the situation. They create the bubbles, then they come in and rescue it, and they do nothing more than try to do price fixing. Capitalism depends, and capital comes from savings, but there's no savings in this country, so this is all artificial. It creates the misdirection and the malinvestment and all the excessive debt, and it always has to have a correction. Since the Fed has been in existence, the dollar has lost about 97% of its value. You're supposed to encourage savings, but if something loses its value, why save dollars? There's no encouragement whatsoever. […] Gold is 6000 years old, and it still maintains its purchasing power. Oil prices really are very stable in terms of Gold. […] Both conservatives and liberals want to enhance big government, and this is a seductive way to tax the middle class.”

Ron Paul (1935) American politician and physician

CNBC debate with Faiz Shakir, March 20, 2008 http://www.youtube.com/watch?v=k94VWPjUQSM 2000s, 2006-2009

Money, Secret, Way, Question

“The U. S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the have-nots had no idea that a nanosecond had value. The haves enjoyed a perfect view of the market; the have-nots never saw the market at all. What had once been the world’s most public, most democratic, financial market had become, in spirit, something like a private viewing of a stolen work of art.”

Michael Lewis book Flash Boys

Source: Flash Boys (2014), p. 69

World, Art, Idea, Speed

“Very few of the heroes of the Golden Age of American finance had much interest in the solid realities of what underlay their structure of stocks and bonds and credits.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter VIII, Thorstein Veblen, p. 224

Age, Reality

“Flowers fade and fly, and flying fill the sky;
Their bloom departs, their perfume gone, yet who stands pitying by? …
Oh, let me sadly bury them beside these steps to-night! …
Farewell, dear flowers, for ever now, thus buried as 'twas best,
I have not yet divined when I with you shall sink to rest.
I who can bury flowers like this a laughing-stock shall be;
I cannot say in days to come what hands shall bury me.
See how when spring begins to fail each opening floweret fades;
So too there is a time of age and death for beauteous maids;
And when the fleeting spring is gone, and days of beauty o'er,
Flowers fall, and lovely maidens die, and both are known no more.”

Herbert Giles book A History of Chinese Literature

"The Hung Lou Mêng", p. 368
A History of Chinese Literature (1901)

Love, Death, Age, Beauty

“The probability may now be assumed that the human race sprung from one stock which was at first in a state of simplicity if not barbarism.”

Robert Chambers (publisher, born 1802) book Vestiges of the Natural History of Creation

Source: Vestiges of the Natural History of Creation (1844), p. 305

“Attending this new version, I felt oddly as if I were watching a provincial stock company doing the best it could without the Broadway cast. I was reminded of the child prodigy who was summoned to perform for a famous pianist. The child climbed onto the piano stool and played something by Chopin with great speed and accuracy. The great musician then patted the child on the head and said, 'You can play the notes. Someday, you may be able to play the music.”

Roger Ebert (1942–2013) American film critic, author, journalist, and TV presenter

Review http://www.rogerebert.com/reviews/psycho-1998 of Psycho (6 December 1998) Reviews, One-and-a-half star reviews

Music, Speed

“Since in reality the stock market is inhabited by mere mortals, there is no way that the stock market can be efficient in the way that economists define the term.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 216

Way, Reality

“He who would propagate an opinion must begin by making sure of his ground and holding it firmly. There is as little use in trying to breed from weak opinion as from other weak stock.”

Samuel Butler (1835–1902) novelist

The Art of Propagating Opinion
The Note-Books of Samuel Butler (1912), Part X - The Position of a HomoUnius Libri

“Monogamy has a sentimental basis which is quite distinct from the political one of equal numbers of the sexes. Equal numbers in the sexes are quite compatible with a change of partners every day or every hour. Physically there is nothing to distinguish human society from the farm-yard except that children are more troublesome and costly than chickens and calves, and that men and women are not so completely enslaved as farm stock. Accordingly, the people whose conception of marriage is a farm-yard or slave-quarter conception are always more or less in a panic lest the slightest relaxation of the marriage laws should utterly demoralize society; whilst those to whom marriage is a matter of more highly evolved sentiments and needs (sometimes said to be distinctively human, though birds and animals in a state of freedom evince them quite as touchingly as we) are much more liberal, knowing as they do that monogamy will take care of itself provided the parties are free enough, and that promiscuity is a product of slavery and not of liberty.”

George Bernard Shaw (1856–1950) Irish playwright

Preface: "The Personal Sentimental Basis of Monogamy" http://www.enotalone.com/article/13714.html 1900s, Getting Married (1908)

Women, Men, Marriage, Children

“Price dispersion is a manifestation — and, indeed, it is the measure — of ignorance in the market. Dispersion is a biased measure of ignorance because there is never absolute homogeneity in the commodity if we include the terms of sale within the concept of the commodity. Thus, some automobile dealers might perform more service, or carry a larger range of varieties in stock, and a portion of the observed dispersion is presumably attributable to such differences. But it would be metaphysical, and fruitless, to assert that all dispersion is due to heterogeneity.”

George Stigler (1911–1991) American economist

Source: "The economics of information," 1961, p. 214

“Money is not our concern. Our concern is the sea. The sea is not persuaded by bankers’ drafts and stocks of bullion; the sea respects nothing but the grit and willpower of dedicated seamen.”

Adam Roberts book Twenty Trillion Leagues Under the Sea

Source: Twenty Trillion Leagues Under the Sea (2014), Chapter 2, “The Captain’s Last Supper” (p. 14)

Money, Sea

“The Hindu was taxed to the extent of half the produce of his land, and had to pay duties on all his buffaloes, goats, and other milk-cattle. The taxes were to be levied equally on rich and poor, at so much per acre, so much per animal. Any collectors or officers taking bribes were summarily dismissed and heavily punished with sticks, pincers, the rack, imprisonment and chains. The new rules were strictly carried out, so that one revenue officer would string together 20 Hindu notables and enforce payment by blows. No gold or silver, not even the betelnut, so cheering and stimulative to pleasure, was to be seen in a Hindu house, and the wives of the impoverished native officials were reduced to taking service in Muslim families. Revenue officers came to be regarded as more deadly than the plague; and to be a government clerk was disgrace worse than death, in so much that no Hindu would marry his daughter to such a man. … [These edicts] were so strictly carried out that the chaukidars and khuts and muqad-dims were not able to ride on horseback, to find weapon, to wear fine clothes, or to indulge in betel.. …. No Hindu could hold up his head. ….. Blows, confinement in the stocks, imprisonment and chains were all employed to enforce payment.”

Stanley Lane-Poole (1854–1931) British orientalist

Lane Poole : Medieval India, quoted from B.R. Ambedkar, Pakistan or The Partition of India (1946)

Death, Pleasure, Family, Animals

“We generally did not talk about the stock market very much at the Fed.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

Source: 2000s, The Age of Turbulence (2008), Chapter Eight, "Irrational Exuberance", p. 165.

“What sex is to the biology classroom, stocks and investment riskiness is to the sophomore economics lecture hall.”

Paul A. Samuelson (1915–2009) American economist

Samuelson's Economics at Fifty: Remarks on the Occasion of the Anniversary of Publication (1998)
1980s–1990s

Sex

“Every child in American should have access to a well-stocked school library. … An investment in libraries is an investment in our children's future.”

Laura Bush (1946) First Lady of the United States from 2001 to 2009

As quoted in Biography Today : Profiles of People of Interest to Young Readers, Vol. 12, Issue 2 : Laura Bush by Joanne Mattern (2003), p. 34

Children, School, Future

“Stock markets are never better performing than during a hyperinflation. Interest rates are rock bottom, but only through artificial means. Gross Private Domestic Investment is still falling off a cliff, having already completely erased ten years of investment from the record of history. Here is a fundamental factor that suggests that terrible things are still to come our way. And I guess I'll have to put this in italics because the point seems to be lost in the shuffle: unemployment is still rising, even soaring straight to double digits!
The sociology of this intrigues me to no end. Unemployment is one of the human elements that journalists are supposed to glom onto. Oh, look at poor Bob and Jane and how they lost their jobs and have nowhere to go, etc., etc. Talk about human interest! Where are the weepy stories about the plight of people wandering around with no work? Instead, we get happy clappy stories about how things are not nearly as bad as they might be had the great and powerful Obama of Oz not appeared to save the day. There is also the remarkable spin that things are getting worse, yes, but at a slower pace than before – an observation that might be most commonly heard in Hell.”

Lew Rockwell (1944) American libertarian author and editor

6 August 2009 "Obama and the Economy" http://www.lewrockwell.com/rockwell/obama-economy125.html 2000s

People, Way, History, Hell

“Pirates! No true honest seamen, these, with their strange contrast of finery and ruffianism. Tarry breeks and seamen's shirts, yet silken sashes lapped their waists; no stockings to their legs, yet many had on silver-buckled shoes and heavy gold rings to their fingers. Great gems dangled from many a heavy gold hoop serving as an ear ring. Not an honest sailorman's knife among them, but costly Spanish and Italian daggers. Their gauds, their ferocious faces, their wild and blasphemous bearing stamped them with the mark of their red trade.”

Robert E. Howard (1906–1936) American author

"The Blue Flame of Vengeance" (1968)

Shoe

“I got my wife breast implants for her birthday. I've never been a big fan of plastic surgery, but I gotta admit, I've had a lot of fun playing with these things. I haven't given them to her yet…[Audience cheers] I just keep 'em on my tour bus and just rub 'em in my face…I'm glad they clean up easy. [Audience groans] WHAT?! I'm just glad they are not made out of corduroy, that's all I'm saying! I'd have to have 'em Scotchgarded. [imitates spraying Scotchgard on implants] I find it a little ironic that the product that I use to keep from ruining my sofa should spill my drink on it is actually called…Scotch-guard. [Audience cheers] Sometimes, things just work out perfect, don't they? "Yeah, I'm looking for a product that'll protect my sofa should I spill my Scotch on it. What'd ya have?" [imitates clerk turning to look at stock] "We've got Scotch-guard." "Yeah, let's go with that. Do you have Vodka-guard? How about Sperm-guard?"”

Ron White (1956) American comedian

It's a busy couch.
Behavioral Problems

Birthday, Drink, Business, Perfection

“Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 42

Time, Forgetting

“Maybe because I had been out very late the night before and was not able to put up my usual resistance, but it seemed to me, sitting there with the sound of his voice dying in my ears, that I could fall in love with him.
And then, as unexpected as a hidden step, I felt myself actually stumble and fall. And there it was, I was in love with him! As simple as that.
He was the first real person I’d ever been in love with. I couldn’t get over it. What I was trying to figure out was why I had never been in love with him before. I mean I’d had plenty of chance to. I’d seen him almost daily that summer in Maine two years ago when we were both in a Summer Stock company. … He was always rather nice to me in his insolent way, but there was also, I now remembered with a passing pang, an utterly ravishing girl, a model, the absolute epitome of glamour, called Lila. She used to come up at week ends to see him.
Then I heard from someone that he’d quit college the next winter and gone abroad to become a genius. I’d met him again when I first landed in Paris. He’d been very nice, bought me a drink, taken down my telephone number and never called me.
You’re a dead duck now, I told myself, as I relaxed back into my coma. You’re gone. I looked at him, smiling idly. I tried to imagine what was going on in his mind.”

Elaine Dundy (1921–2008) American journalist, actress

Part One, One
The Dud Avocado (1958)

Love, Smile, Way, Imagination

“Why would the oldest tree on earth be less than 4,400 years old (and still growing)? Why would the oldest coral reef on earth (Great Barrier Reef in Australia) be less than 4,400 years old? Why would the largest cave formations be dated at less than 4,400 years old? Why would the oldest records of capital punishment, farming, writing, husbandry, and metallurgy be less than 4,400 years old? Why would the oldest known civilizations be advanced and appear to have sprung up out of nowhere? It’s almost as if very intelligent people coming from a stock of people getting off Noah’s ark who already had knowledge of scores of things just moved into an area and developed a civilization in a short time. There is no evidence of “upward advancement from apelike creatures to hunter-gatherers,” as books often teach. After the Flood it was sort of like a Gilligan’s Island situation. The people were very smart, but it would take a while to rebuild civilization after a global flood. The first settlers coming off the ark would be in an automatic “Stone Age” because it’s faster to make stone tools than steel ones.”

Kent Hovind (1953) American young Earth creationist

Source: What On Earth Is About To Happen… For Heaven’s Sake? (2013), p. 40

People, Books, Age, Intelligence

“A legion of horribles, hundreds in number, half naked or clad in costumes attic or biblical or wardrobed out of a fevered dream with the skins of animals and silk finery and pieces of uniform still tracked with the blood of prior owners, coats of slain dragoons, frogged and braided cavalry jackets, one in a stovepipe hat and one with an umbrella and one in white stockings and a bloodstained weddingveil and some in headgear of cranefeathers or rawhide helmets that bore the horns of bull or buffalo and one in a pigeontailed coat worn backwards and otherwise naked and one in the armor of a spanish conquistador, the breastplate and pauldrons deeply dented with old blows of mace or saber done in another country by men whose very bones were dust and many with their braids spliced up with the hair of other beasts until they trailed upon the ground and their horses’ ears and tails worked with bits of brightly colored cloth and one whose horse’s whole head was painted crimson red and all the horsemen’s faces gaudy and grotesque with daubings like a company of mounted clowns, death hilarious, all howling in a barbarous tongue and riding down upon them like a horde from a hell more horrible yet than the brimstone land of Christian reckoning, screeching and yammering and clothed in smoke like those vaporous beings in regions beyond right knowing where the eye wanders and the lip jerks and drools.”

Cormac McCarthy book Blood Meridian

Source: Blood Meridian (1985), Chapter IV

Death, Men, Dreams, Color

“With the withdrawal of Britain east of the Suez and the consequent vacuum caused in the Middle East, and the stocking of arsenals in some African states by Russia and China, the dangers threatening South Africa today are greater than ever before.”

P. W. Botha (1916–2006) South African prime minister

As Minister of Defence, speaking in Pretoria on 1 April 1968, Die Burger, http://www.sahistory.org.za/archive/extract-speech-made-heilbron-16-august-1968 2 April 1968

“I was a model—someone saw my picture—and I landed a stock contract at Universal. Because of my experience, I received a higher salary than the other girls starting out—and during my first week in Hollywood, I got to meet and have dinner with Greta Garbo!”

June Vincent (1920–2008) actress

An Interview with June Vincent (1996)

Girl, Universe

“I think there are things of which I and the people who have worked with me can feel deservedly proud. They include restoring Russia's territorial integrity, strengthening the state, progress towards establishing a multiparty system, strengthening the parliamentary system, restoring the Armed Forces' potential and, of course, developing the economy. As you know, our economy has been growing by 6.9 percent a year on average over this time, and our GDP has increased by 7.7 percent over the first four months of this year alone.
When I began my work in the year 2000, 30 percent of our population was living below the poverty line. There has been a two-fold drop in the number of people living below the poverty line since then and the figure today is around 15 percent. By 2009-2010, we will bring this figure down to 10 percent, and this will bring us in line with the European average.
We had enormous debts, simply catastrophic for our economy, but we have paid them off in full now. Not only have we paid our debts, but we now have the best foreign debt to GDP ratio in Europe. Our gold and currency reserve figures are well known: in 2000, they stood at just $12 billion and we had a debt of more than 100 percent of GDP, but now we have the third-biggest gold and currency reserves in the world and they have increased by $90 billion over the first four months of this year alone.
During the 1990s and even in 2000-2001, we had massive capital flight from Russia with $15 billion, $20 billion or $25 billion leaving the country every year. Last year we reversed this situation for the first time and had capital inflow of $41 billion. We have already had capital inflow of $40 billion over the first four months of this year. Russia's stock market capitalisation showed immense growth last year and increased by more than 50 percent. This is one of the best results in the world, perhaps even the best. Our economy was near the bottom of the list of world economies in terms of size but today it has climbed to ninth place and in some areas has even overtaken some of the other G8 countries' economies. This means that today we are able to tackle social problems. Real incomes are growing by around 12 percent a year. Real income growth over the first four months of this year came to just over 18 percent, while wages rose by 11-12 percent.
Looking at the problems we have yet to resolve, one of the biggest is the huge income gap between the people at the top and the bottom of the scale. Combating poverty is obviously one of our top priorities in the immediate term and we still have to do a lot to improve our pension system too because the correlation between pensions and the average wage is still lower here than in Europe. The gap between incomes at the top and bottom end of the scale is still high here – a 15.6-15.7-fold difference. This is less than in the United States today (they have a figure of 15.9) but more than in the UK or Italy (where they have 13.6-13.7). But this remains a big gap for us and fighting poverty is one of our biggest priorities.”

Vladimir Putin (1952) President of Russia, former Prime Minister

When asked in June 2007 at the interview with G8 journalists about main achievements of his presidency http://web.archive.org/web/20070607221025/http://www.kremlin.ru/eng/speeches/2007/06/04/2149_type82916_132772.shtml.

People, World, Feeling, Problem

“I wanna be strong,
I wanna laugh along,
I wanna belong to the living.
Alive, alive, I wanna get up and jive,
Wanna wreck my stockings in some jukebox dive.”

Joni Mitchell (1943) Canadian musician

"All I Want" from Blue
Songs

Strong

“Stocks that are selected conservatively and pay high cash dividends [higher than bonds] are, in fact, my favorite investment alternative, especially where there is the prospect of currency profits….”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

“To my delight, Federico had seen Dans la ville blanche (1983) by Swiss director Alain Tanner. Enthusiastic about Bruno Ganz’s performance, he also was impressed by the film’s startling visual poetry of Lisbon achieved by transferring inferior film stock onto 35mm. It was exactly this kind of uncomplicated technical innovation that inspired Federico during the writing of Attore. Conceived in 1992, Attore focused on the craft and the psychology of actors. Having completed a film treatment with roles for Mastroianni, Giulietta Masina, and Paolo Villagio, Fellini was now wondering if he should provide Marcello with a home movie camera to be used in a loosely Shakespearian sense that all the world’s a film set. The 8mm footage of intimate memories of the theatre from his Rimini childhood would then be transferred to 35mm – a most intriguing idea that would have been a new departure for the Maestro had he lived to bring it to the screen.”

Damian Pettigrew Canadian filmmaker

On Fellini’s last film project, Attore
Federico Fellini: Sou um Grande Mentiroso (2008)

World, Home, Idea, Departure

“Only when the stock of wealth can be related to human energy by purchasing living energy as "labor power", offered for sale by people who have no other means of using their labor to ensure their livelihood: and only when it can relate that labor power to purchased machines - embodiments of past transformation of nature by human energy expended in the past - only then does "wealth" become "capital."”

Eric Wolf (1923–1999) American anthropologist

Source: Europe and the People Without History, 1982, Chapter 10, Crises and Differentiation in Capitalism, p. 298.

People, Nature, Past, Wealth

“An irresistible footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities — at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

1978 Chairman's Letter http://www.berkshirehathaway.com/letters/1978.html Letters to Shareholders (1957 - 2012)

“Grafting is, in effect, the healing of two common wounds. Commercial nurseries charge high prices for grafted stock, and the public bears the cost…”

Ken Kern American writer

p, 125
The Owner-Built Homestead (1977)

“How is it possible for me to thank God in my heart for the food he gives me and for life, while every morsel I eat I earn with my toil and even suffering? There may be a Providence for the rich man, but every poor man must be his own Providence. As for the value of life, we poor folks don’t live for ourselves at all; we live for other people. I often wonder if the rich man who owns great blocks of stock in the road and reckons his wealth in the millions does not sometimes think, as he sits at his well-filled table and looks at the happy faces of his children, of the poor car driver who toils for his benefit for a dollar and ninety cents a day, and is lucky if he tastes meat twice a week and can give the little ones at home warm clothes and blankets for the winter.”

Jack Finney book Time and Again

Source: Time and Again (1970), Chapter 17 (p. 252)

Life, God, Children, People

“No -- it's not necessary for a bookkeeper to read all the stock.”

Peter Greenaway (1942) British film director

Georgina and Michael
The Cook, The Thief, His Wife, and Her Lover

Reading

“But this brings us to what I consider the fatal flaw in the monetarist prescriptions. If the leader of the school cannot make up his own mind regarding what the most desirable rate of monetary increase should be, what does he expect to happen when the decision is put in the hands of the politicians? … The fatal flaw in the monetarist prescription, in brief, is that it postulates that money should consist of irredeemable paper notes and that the final power of determining how many of these are issued should be placed in the hands of the government—that is, in the hands of the politicians in office. The assumption that these politicians could be trusted to act responsibly, particularly for any prolonged period, seems incredibly naive. The real problem today is the opposite of what the monetarists suggest. It is how to get the arbitrary power over the stock of money out of the hands of the government, out of the hands of the politicians.”

Henry Hazlitt (1894–1993) American journalist

Where the Monetarists Go Wrong (1976)

Money, School, Problem, Decision

“The prognosis is grim. Between 2000 and 2050, world population will grow by more than three billion to over nine billion people, but this 50 percent increase in global population will come entirely in Asia, Africa, and Latin America, as one hundred million people of European stock vanish from the earth.”

Patrick Buchanan (1938) American politician and commentator

2000s, The Death of the West (2002)

People, World

“The stand of the "realist" school, and its objections to further or faster involvement in the Libya crisis, can be fairly summarized…The actual evidence, however, is that Qaddafi senior has reached his Ceausescu moment: a full-dress (in the literal sense) meltdown into paranoia, megalomania, and delusion. His recent speeches and appearances have shown him stinking with madness and hysteria. His age and condition, at any rate, set a very sharp limit to the duration of his regime. If that regime implodes while he is still "in place," then all the grim consequences foreseen by the realists will be incurred in any case. Weapons will get into the wrong hands; divide-and-rule tactics (already a stock in trade) will intensify; religious and tribal passions will be deliberately inflamed. The main difference will be that we merely watched this happen.”

Christopher Hitchens (1949–2011) British American author and journalist

2010s, 2011

Age, School, Sense, Appearance

“I can now present the first fundamental law of capitalism, which links the capital stock to the flow of income from capital. The capital/income ratio β is related in a simple way to the share of income from capital in national income, denoted α. The formula is
α = r × β
Where r is the rate of return on capital.
For example, if β=600% and r = 5%, then α = r × β = 30%.
In other words, if national wealth represents the equivalent of six years of national income, and the rate of return on capital is 5 percent per year, then capital’s share in national income is 30 percent.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 52.

Law, Way, Wealth

“Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.”

Richard Arnold Epstein (1927) American physicist

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Nine, Weighted Statistical Logic And Statistical Games, p. 296

Game

“The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter I, What the Intelligent Investor Can Accomplish, p. 8

Knowledge

“We are permitted to ride, providing we sit in a position ruinous to the horse; providing we wear a riding-habit long enough to hide the obscene human foot, weighed down by ten pounds of gravel to cheat the wind in its free blowing, so running the risk of disabling ourselves completely should accident throw us from the saddle. Think how we swim! We must even wear clothing in the water, and run the gauntlet of derision, if we dare battle in the surf minus stockings!”

Voltairine de Cleyre (1866–1912) American anarchist writer and feminist

Sex Slavery (1890)

Thinking, Water, Horse, Cheating

“Avoid stories, unless short, pointed, and quite apropos. “He who deals in them,” says Swift, “must either have a very large stock, or a good memory, or must often change his company.” Some have a set of them hung together like onions: they take possession of the conversation by an early introduction of one; and then you must have the whole rope, and there is an end of everything else, perhaps, for that meeting, though you may have heard all twenty times before.”

George Horne (1730–1792) English churchman, writer and university administrator

Prose Quotations from Socrates to Macaulay, 1880

Memory, Change, Time

“One recent history of economic thought (Jürg Niehans’s A History of Economic Theory) devotes twenty-four pages to Samuelson’s ideas. Adam Smith only gets thirteen. Samuelson’s work on stock markets and the random walk takes up less than two of those twenty-four pages. He was “the last generalist in economics,” as he liked to say, and for him financial market studies were just a side project that he at times seemed deeply ambivalent about. His intervention was, however, crucial to the triumph of the random walk. Here was one of the most important economists of all time, and he didn’t think the relationship between coin flips and the stock market was a dinner-speech triviality.”

Justin Fox (1964) American journalist

Justin Fox, Myth of Rational Market (2009), Ch. 4 : A Random Walk from Paul Samuelson to Paul Samuelson

History, Idea, Thinking, Study

“But now for the final exam: If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. In effect, they rejoice because prices have risen for the "hamburgers" they will soon be buying. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

1997 Chairman's Letter
Letters to Shareholders (1957 - 2012)

Hope, Sense, Future, Happiness

“Here’s why I would recommend against [selling the U. S. stock markets short]…. Retail brokers normally require investors to hold any short-sale proceeds in U. S. dollars, usually earning no interest. The dollar, seen through my famously jaundiced eye, could lose more purchasing power than the security you sold short lost value…. I’ve got a much better idea, which is to borrow dollars and spend them to acquire foreign income-producing assets, using the income to pay the interest.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

Idea

“As for the employees, the payment in stock options revives, somewhat ironically, the old anarchist ideology of self-management of the company, as they are co-owners, co-producers, and co-managers of the firm.”

Manuel Castells (1942) Spanish sociologist (b.1942)

Source: The Internet Galaxy - Reflections on the Internet, Business, and Society (2001), Chapter 3, e-Business and the New Economy, p. 92

“When the man who ought to want a stock doesn't want it, why should I want it?”

Edwin Lefèvre book Reminiscences of a Stock Operator

Source: Reminiscences of a Stock Operator (1923), Chapter XVII, p. 211

“The point where he does resemble his ideal is in his faithfulness. I am fully prepared to allow the shy young man that virtue: he is constant in his love. But the reason is not far to seek. The fact is it exhausts all his stock of courage to look one woman in the face, and it would be simply impossible for him to go through the ordeal with a second. He stands in far too much dread of the whole female sex to want to go gadding about with many of them. One is quite enough for him.”

Jerome K. Jerome book Idle Thoughts of an Idle Fellow

Idle Thoughts of an Idle Fellow (1886)

Love, Faith, Sex, Courage

“There is much to indicate that modern publication wishes to minimize discussion. … For one thing, there is the technique of display, with its implied evaluations. This does more of the average man’s thinking for him than he suspects. For another, there is the stereotyping of whole phrases. These are carefully chosen not to stimulate reflection, but to evoke stock responses of approbation or disapprobation. Headlines and advertising teem with them, and we seem to approach a point at which failure to make the stock response is regarded as faintly treasonable. … Journalism becomes a monstrous discourse of Protagoras, which charms by hypnotizing and thwarts that participation without which one is not a thinking man.”

Richard M. Weaver (1910–1963) American scholar

Source: Ideas have Consequences (1948), pp. 96-97.

Failure, Thinking

“Some people seem to think that if the animals were not eaten they would multiply so rapidly as to overrun the earth. Is it not true that the more beef there is consumed the more there is raised? These people do not understand that there are men in the business who have made an effort to increase their stock by forced means.”

Otoman Zar-Adusht Ha'nish (1844–1936) German religious movement founder

Source: Mazdaznan Dietetics and Cookery Book (1913), p. 197

Men, People, Understanding, Business

“The balance of our population, our human stock is threatened. A recent article in Poverty, published by the Child Poverty Action Group, showed that a high and rising proportion of children are being born to mothers least fitted to bring children into the world and to bring them up. They are born to mothers who were first pregnant in adolescence in socio-economic classes IV and V.”

Keith Joseph (1918–1994) British barrister and politician

Speech in Birmingham (19 October 1974), quoted in "Speech seen as attempt to swing party to right", The Times, 21 October 1974, p. 1. The speech called for a "remoralization" of Britain but ended Joseph's chance of winning the Conservative leadership owing to criticism of Joseph's link between births to working-class mothers and promoting birth control.
1970s

Children, World

“When credit is expanding, the rising price level and high profits bring about a high rate of interest. When the expansion has reached, the limit permitted by the stock of gold, the rate of interest is put still higher in order to bring about a fall in the price level. When the fall in prices takes effect, a low rate of interest becomes appropriate, and when credit contraction has proceeded so far that a redundant supply of gold has accumulated, the rate of interest is depressed still lower in order to bring about a renewed rise in the price level. Thus a high rate of interest corresponds first with rising, then with falling, prices, and so synchronizes with high prices. A low rate of interest corresponds first with falling, and then with rising, prices, and so synchronizes with low prices.”

Ralph George Hawtrey (1879–1975) British economist

Ralph George Hawtrey, quoted in Irving Fisher, The Theory of Interest (1930), Chapter 19. The Relation of Interest to Money and Prices

“Data is discrimination between physical states of things (black, white, etc.) that may convey or not convey information to an agent. Whether it does so or not depends on the agent's prior stock of knowledge.”

Max Boisot (1943–2011) British academic and educator

Source: Knowledge Assets, 1998, p. 12

Knowledge, Dependency

Quotes about stock page 3

Quotes about stock
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