Finance Famous Quotes

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There’s a famous Russian proverb about this type of behavior. One day, a poor villager happens upon a magic talking fish that is ready to grant him a single wish. Overjoyed, the villager weighs his options: “Maybe a castle? Or even better—a thousand bars of gold? Why not a ship to sail the world?” As the villager is about to make his decision, the fish interrupts him to say that there is one important caveat: whatever the villager gets, his neighbor will receive two of the same. Without skipping a beat, the villager says, “In that case, please poke one of my eyes out.
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice)
My heart sank. It’s hard to describe how small $50,000 is to an investment banker. Linda Evangelista, a supermodel from the 1980s and 1990s, once famously declared, “I don’t get out of bed for less than ten thousand dollars a day.” For an investment banker, that number is more like $1 million. But here I was having earned nothing for Salomon, and $50,000 was that much more than zero, so I agreed.
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice)
Once, sitting in my car in the parking lot outside Building 5 during a prolonged downpour after a long lunch off premises, Mark, Larry, and I pondered the famous two-condom combinatorial problem that spread through the Center: Two (heterosexual) couples decide to have group sex with each other in all possible male-female combinations. They have only two condoms, and everyone is scared of catching some venereal disease. How can they manage four couplings with only two condoms? The first man puts on two condoms, one over the other, and then sleeps with the first woman. Only the outer surface of the outer condom and the inner surface of the inner one has had contact with any potentially infectious surface. The man removes the outer condom and sleeps with the second woman. The second man then dons the removed outer condom whose inner surface has until now had no contact with anyone’s skin, and sleeps with the first woman, whose only contact has thus far been with the outside of the same condom. Finally, the second man dons the second condom over the one he is already wearing, and sleeps with the second woman, who again only experiences a condom she has already touched. It was impossible to resist the temptation to generalize to N couples.
Emanuel Derman (My Life as a Quant: Reflections on Physics and Finance)
A famous expression goes, “The less people know about how sausages and laws are made, the better they sleep at night.” Our human rights campaign made strange bedfellows with Montana beef farmers, Russian human rights activists, and Boeing airplane salesmen, but by working together it appeared as if we had the strength to overpower any remaining resistance to getting the law passed.
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice)
When he was in college, a famous poet made a useful distinction for him. He had drunk enough in the poet's company to be compelled to describe to him a poem he was thinking of. It would be a monologue of sorts, the self-contemplation of a student on a summer afternoon who is reading Euphues. The poem itself would be a subtle series of euphuisms, translating the heat, the day, the student's concerns, into symmetrical posies; translating even his contempt and boredom with that famously foolish book into a euphuism. The poet nodded his big head in a sympathetic, rhythmic way as this was explained to him, then told him that there are two kinds of poems. There is the kind you write; there is the kind you talk about in bars. Both kinds have value and both are poems; but it's fatal to confuse them. In the Seventh Saint, many years later, it had struck him that the difference between himself and Shakespeare wasn't talent - not especially - but nerve. The capacity not to be frightened by his largest and most potent conceptions, to simply (simply!) sit down and execute them. The dreadful lassitude he felt when something really large and multifarious came suddenly clear to him, something Lear-sized yet sonnet-precise. If only they didn't rush on him whole, all at once, massive and perfect, leaving him frightened and nerveless at the prospect of articulating them word by scene by page. He would try to believe they were of the kind told in bars, not the kind to be written, though there was no way to be sure of this except to attempt the writing; he would raise a finger (the novelist in the bar mirror raising the obverse finger) and push forward his change. Wailing like a neglected ghost, the vast notion would beat its wings into the void. Sometimes it would pursue him for days and years as he fled desperately. Sometimes he would turn to face it, and do battle. Once, twice, he had been victorious, objectively at least. Out of an immense concatenation of feeling, thought, word, transcendent meaning had come his first novel, a slim, pageant of a book, tombstone for his slain conception. A publisher had taken it, gingerly; had slipped it quietly into the deep pool of spring releases, where it sank without a ripple, and where he supposes it lies still, its calm Bodoni gone long since green. A second, just as slim but more lurid, nightmarish even, about imaginary murders in an imaginary exotic locale, had been sold for a movie, though the movie had never been made. He felt guilt for the producer's failure (which perhaps the producer didn't feel), having known the book could not be filmed; he had made a large sum, enough to finance years of this kind of thing, on a book whose first printing was largely returned.
John Crowley (Novelty: Four Stories)
Steamboat Willie put Walt Disney on the map as an animator. Business success was another story. Disney’s first studio went bankrupt. His films were monstrously expensive to produce, and financed at outrageous terms. By the mid-1930s Disney had produced more than 400 cartoons. Most of them were short, most of them were beloved by viewers, and most of them lost a fortune. Snow White and the Seven Dwarfs changed everything. The $8 million it earned in the first six months of 1938 was an order of magnitude higher than anything the company earned previously. It transformed Disney Studios. All company debts were paid off. Key employees got retention bonuses. The company purchased a new state-of-the-art studio in Burbank, where it remains today. An Oscar turned Walt from famous to full-blown celebrity. By 1938 he had produced several hundred hours of film. But in business terms, the 83 minutes of Snow White were all that mattered.
Morgan Housel (The Psychology of Money)
broad-based tax cut . . . accommodated by a program of open market purchases . . . would almost certainly be an effective stimulant to consumption.... A money-financed tax cut is essentially equivalent to Milton Friedman’s famous “helicopter drop” of money.... Of course . . . the government could . . . even acquire existing real or financial assets. If . . . the Fed then purchased an equal amount of Treasury debt with newly created money, the whole operation would be the economic equivalent of direct open market operations in private assets.
James Rickards (Currency Wars: The Making of the Next Global Crisis)
THE DEFENDANT: Thank you, your Honor. I stand before your Honor humbly and painfully aware that we are here today for one reason: Because of my actions that I pled guilty to on August 21, and as well on November 29. I take full responsibility for each act that I pled guilty to, the personal ones to me and those involving the President of the United States of America. Viktor Frankl in his book, "Man's Search for Meaning," he wrote, "There are forces beyond your control that can take away everything you possess except one thing, your freedom to choose how you will respond to the situation." Your Honor, this may seem hard to believe, but today is one of the most meaningful days of my life. The irony is today is the day I am getting my freedom back as you sit at the bench and you contemplate my fate. I have been living in a personal and mental incarceration ever since the fateful day that I accepted the offer to work for a famous real estate mogul whose business acumen I truly admired. In fact, I now know that there is little to be admired. I want to be clear. I blame myself for the conduct which has brought me here today, and it was my own weakness, and a blind loyalty to this man that led me to choose a path of darkness over light. It is for these reasons I chose to participate in the elicit act of the President rather than to listen to my own inner voice which should have warned me that the campaign finance violations that I later pled guilty to were insidious.
Michael Cohen
While these tactics were aggressive and crude, they confirmed that our legislation had touched a nerve. I wasn’t the only one who recognized this. Many other victims of human rights abuses in Russia saw the same thing. After the bill was introduced they came to Washington or wrote letters to the Magnitsky Act’s cosponsors with the same basic message: “You have found the Achilles’ heel of the Putin regime.” Then, one by one, they would ask, “Can you add the people who killed my brother to the Magnitsky Act?” “Can you add the people who tortured my mother?” “How about the people who kidnapped my husband?” And on and on. The senators quickly realized that they’d stumbled onto something much bigger than one horrific case. They had inadvertently discovered a new method for fighting human rights abuses in authoritarian regimes in the twenty-first century: targeted visa sanctions and asset freezes. After a dozen or so of these visits and letters, Senator Cardin and his cosponsors conferred and decided to expand the law, adding sixty-five words to the Magnitsky Act. Those new words said that in addition to sanctioning Sergei’s tormentors, the Magnitsky Act would sanction all other gross human rights abusers in Russia. With those extra sixty-five words, my personal fight for justice had become everyone’s fight. The revised bill was officially introduced on May 19, 2011, less than a month after we posted the Olga Stepanova YouTube video. Following its introduction, a small army of Russian activists descended on Capitol Hill, pushing for the bill’s passage. They pressed every senator who would talk to them to sign on. There was Garry Kasparov, the famous chess grand master and human rights activist; there was Alexei Navalny, the most popular Russian opposition leader; and there was Evgenia Chirikova, a well-known Russian environmental activist. I didn’t have to recruit any of these people. They just showed up by themselves. This uncoordinated initiative worked beautifully. The number of Senate cosponsors grew quickly, with three or four new senators signing on every month. It was an easy sell. There wasn’t a pro-Russian-torture-and-murder lobby in Washington to oppose it. No senator, whether the most liberal Democrat or the most conservative Republican, would lose a single vote for banning Russian torturers and murderers from coming to America. The Magnitsky Act was gathering so much momentum that it appeared it might be unstoppable. From the day that Kyle Scott at the State Department stonewalled me, I knew that the administration was dead set against this, but now they were in a tough spot. If they openly opposed the law, it would look as if they were siding with the Russians. However, if they publicly supported it, it would threaten Obama’s “reset” with Russia. They needed to come up with some other solution. On July 20, 2011, the State Department showed its cards. They sent a memo to the Senate entitled “Administration Comments on S.1039 Sergei Magnitsky Rule of Law.” Though not meant to be made public, within a day it was leaked.
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice)
Are his letters to Diana downstairs?" She sighed. "What is it about girls and letters? My husband left me messages in soap on the bathroom mirror. Utterly impermanent.Really wonderful-" She broke off and scowled. I would have thought she looked a little embarrassed, but I didn't think embarrassment was in her repertoire. "Anyway. Most of the correspondence between the Willings is in private collections. He had their letters with him in Paris when he died. In a noble but ultimately misguided act, his attorney sent them to his neice. Who put them all in a ghastly book that she illustrated. Her son sold them to finance the publication of six even more ghastly books of poetry. I trust there is a circle of hell for terrible poets who desecrate art." "I've seen the poetry books in the library," I told her. "The ones with Edward's paintings on the covers. I couldn't bring myself to read them." "Smart girl. I suppose worse things have been done, but not many.Of course, there was that god-awful children's television show that made one of his landscapes move.They put kangaroos in it. Kangaroos. In eastern Pennsylvania." "I've seen that,too," I admitted. I'd hated it. "Hated it.Not quite as much as the still life where Tastykakes replaced one orange with a cupcake, or the portrait of Diana dressed in a Playtex sports bra, but close." "Oh,God. I try to forget about the bra." Dr. Rothaus shuddered. "Well, I suppose they do far worse to the really famous painters.Poor van Gogh. All those hearing-aid ads." "Yeah." We shared a moment of quiet respect for van Gogh's ear.
Melissa Jensen (The Fine Art of Truth or Dare)
It's hard to form a lasting connection when your permanent address is an eight-inch mailbox in the UPS store. Still,as I inch my way closer, I can't help the way my breath hitches, the way my insides thrum and swirl. And when he turns,flashing me that slow, languorous smile that's about to make him world famous,his eyes meeting mine when he says, "Hey,Daire-Happy Sweet Sixteen," I can't help but think of the millions of girls who would do just about anything to stand in my pointy blue babouches. I return the smile, flick a little wave of my hand, then bury it in the side pocket of the olive-green army jacket I always wear. Pretending not to notice the way his gaze roams over me, straying from my waist-length brown hair peeking out from my scarf, to the tie-dyed tank top that clings under my jacket,to the skinny dark denim jeans,all the way down to the brand-new slippers I wear on my feet. "Nice." He places his foot beside mine, providing me with a view of the his-and-hers version of the very same shoe. Laughing when he adds, "Maybe we can start a trend when we head back to the States.What do you think?" We. There is no we. I know it.He knows it.And it bugs me that he tries to pretend otherwise. The cameras stopped rolling hours ago, and yet here he is,still playing a role. Acting as though our brief, on-location hookup means something more. Acting like we won't really end long before our passports are stamped RETURN. And that's all it takes for those annoyingly soft girly feelings to vanish as quickly as a flame in the rain. Allowing the Daire I know,the Daire I've honed myself to be, to stand in her palce. "Doubtful." I smirk,kicking his shoe with mine.A little harder then necessary, but then again,he deserves it for thinking I'm lame enough to fall for his act. "So,what do you say-food? I'm dying for one of those beef brochettes,maybe even a sausage one too.Oh-and some fries would be good!" I make for the food stalls,but Vane has another idea. His hand reaches for mine,fingers entwining until they're laced nice and tight. "In a minute," he says,pulling me so close my hip bumps against his. "I thought we might do something special-in honor of your birthday and all.What do you think about matching tattoos?" I gape.Surely he's joking. "Yeah,you know,mehndi. Nothing permanent.Still,I thought it could be kinda cool." He arcs his left brow in his trademark Vane Wick wau,and I have to fight not to frown in return. Nothing permanent. That's my theme song-my mission statement,if you will. Still,mehndi's not quite the same as a press-on. It has its own life span. One that will linger long after Vane's studio-financed, private jet lifts him high into the sky and right out of my life. Though I don't mention any of that, instead I just say, "You know the director will kill you if you show up on set tomorrow covered in henna." Vane shrugs. Shrugs in a way I've seen too many times, on too many young actors before him.He's in full-on star-power mode.Think he's indispensable. That he's the only seventeen-year-old guy with a hint of talent,golden skin, wavy blond hair, and piercing blue eyes that can light up a screen and make the girls (and most of their moms) swoon. It's a dangerous way to see yourself-especially when you make your living in Hollywood. It's the kind of thinking that leads straight to multiple rehab stints, trashy reality TV shows, desperate ghostwritten memoirs, and low-budget movies that go straight to DVD.
Alyson Noel (Fated (Soul Seekers, #1))
Anna Chapman was born Anna Vasil’yevna Kushchyenko, in Volgograd, formally Stalingrad, Russia, an important Russian industrial city. During the Battle of Stalingrad in World War II, the city became famous for its resistance against the German Army. As a matter of personal history, I had an uncle, by marriage that was killed in this battle. Many historians consider the battle of Stalingrad the largest and bloodiest battle in the history of warfare. Anna earned her master's degree in economics in Moscow. Her father at the time was employed by the Soviet embassy in Nairobi, Kenya, where he allegedly was a senior KGB agent. After her marriage to Alex Chapman, Anna became a British subject and held a British passport. For a time Alex and Anna lived in London where among other places, she worked for Barclays Bank. In 2009 Anna Chapman left her husband and London, and moved to New York City, living at 20 Exchange Place, in the Wall Street area of downtown Manhattan. In 2009, after a slow start, she enlarged her real-estate business, having as many as 50 employees. Chapman, using her real name worked in the Russian “Illegals Program,” a group of sleeper agents, when an undercover FBI agent, in a New York coffee shop, offered to get her a fake passport, which she accepted. On her father’s advice she handed the passport over to the NYPD, however it still led to her arrest. Ten Russian agents including Anna Chapman were arrested, after having been observed for years, on charges which included money laundering and suspicion of spying for Russia. This led to the largest prisoner swap between the United States and Russia since 1986. On July 8, 2010 the swap was completed at the Vienna International Airport. Five days later the British Home Office revoked Anna’s citizenship preventing her return to England. In December of 2010 Anna Chapman reappeared when she was appointed to the public council of the Young Guard of United Russia, where she was involved in the education of young people. The following month Chapman began hosting a weekly TV show in Russia called Secrets of the World and in June of 2011 she was appointed as editor of Venture Business News magazine. In 2012, the FBI released information that Anna Chapman attempted to snare a senior member of President Barack Obama's cabinet, in what was termed a “Honey Trap.” After the 2008 financial meltdown, sources suggest that Anna may have targeted the dapper Peter Orzag, who was divorced in 2006 and served as Special Assistant to the President, for Economic Policy. Between 2007 and 2010 he was involved in the drafting of the federal budget for the Obama Administration and may have been an appealing target to the FSB, the Russian Intelligence Agency. During Orzag’s time as a federal employee, he frequently came to New York City, where associating with Anna could have been a natural fit, considering her financial and economics background. Coincidently, Orzag resigned from his federal position the same month that Chapman was arrested. Following this, Orzag took a job at Citigroup as Vice President of Global Banking. In 2009, he fathered a child with his former girlfriend, Claire Milonas, the daughter of Greek shipping executive, Spiros Milonas, chairman and President of Ionian Management Inc. In September of 2010, Orzag married Bianna Golodryga, the popular news and finance anchor at Yahoo and a contributor to MSNBC's Morning Joe. She also had co-anchored the weekend edition of ABC's Good Morning America. Not surprisingly Bianna was born in in Moldova, Soviet Union, and in 1980, her family moved to Houston, Texas. She graduated from the University of Texas at Austin, with a degree in Russian/East European & Eurasian studies and has a minor in economics. They have two children. Yes, she is fluent in Russian! Presently Orszag is a banker and economist, and a Vice Chairman of investment banking and Managing Director at Lazard.
Hank Bracker
Meanwhile, in the Jewish ghetto of Frankfurt-am-Main, Mayer Rothschild (1744–1812) and his sons had begun building the now famous finance house. What made their business unique was that Rothschild sent his five sons to open branches in the five busiest cities in Europe.
Dan Cryan (Introducing Capitalism: A Graphic Guide (Graphic Guides))
There’s a famous Russian proverb about this type of behavior. One day, a poor villager happens upon a magic talking fish that is ready to grant him a single wish. Overjoyed, the villager weighs his options: “Maybe a castle? Or even better—a thousand bars of gold? Why not a ship to sail the world?” As the villager is about to make his decision, the fish interrupts him to say that there is one important caveat: whatever the villager gets, his neighbor will receive two of the same. Without skipping a beat, the villager says, “In that case, please poke one of my eyes out.” The moral is simple: when it comes to money, Russians will gladly—gleefully, even—sacrifice their own success to screw their neighbor.
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice)
In the 1819 Supreme Court case of McCulloch vs Maryland, Chief justtice John Marshall is famously quoted, comparing the power to tax with the power to destroy. This case was brought by a bank seeking to fight the government's ability to tax it.
Taxation Is Theft
Blockchains are possible because of consensus protocols – sets of rules that determine what kinds of blocks can become part of the chain and thus the “truth.” These consensus protocols are designed to resist malicious tampering up to a certain security bound. The blockchains we focus on currently use the proof of work (PoW) consensus protocol, which relies on a computationally and energy intensive lottery to determine which block to add. The participants agree that the longest chain of blocks is the truth. If attackers want to make a longer chain that contains malicious transactions, they must outpace all the computational work of the entire rest of the network. In theory, they would need most of the network power (“hash rate”) to accomplish this – hence, the famous 51 percent attack being the boundary of PoW security. Luckily, it is extraordinarily difficult for any actor, even an entire country, to amass this much network power on the most widely used blockchains, such as Bitcoin or Ethereum.
Campbell R. Harvey (DeFi and the Future of Finance)
I asked [Nick Maounis]: “What’s the main goal of your career?” He thought about it deeply in silence and then answered: “To be a billionaire. And also to own a sports team.” Sadly, Maounis never achieved either goal because Amaranth famously imploded the following year.
Vivek Ramaswamy (Woke, Inc.: Inside Corporate America's Social Justice Scam)
He craved a privacy impossible for the world’s most famous banker.
Ron Chernow (The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance)
RAND proved formative. Some of its employees joked that it stood for “Research And No Development,” and its intellectualism was inspiring to the young economist. The think tank’s ethos was to work on problems so hard that they might actually be unsolvable.9 Four days of the week were dedicated to RAND projects, but the fifth was free for freewheeling personal research. Ken Arrow, a famous economist, and John Nash, the game theorist immortalized in the film A Beautiful Mind, both consulted for RAND around the time Sharpe was there. The eclecticism of RAND’s research community is reflected in his first published works, which were a proposal for a smog tax and a review of aircraft compartment design criteria for Army deployments.
Robin Wigglesworth (Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever)
The Greek poet Archilochus once observed that the fox knows many things, but the hedgehog knows one important thing—a phrase later made famous by the philosopher Isaiah Berlin. Bogle was the quintessential hedgehog. He always believed in one big thing with a fiery passion. He had the integrity and intellectual suppleness to shift positions, though. When he was later confronted with his change of heart on the merits of active investing, he quoted the economist John Maynard Keynes: “When the facts change, I change my mind. What do you do, sir?
Robin Wigglesworth (Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever)
LEGACY (noun): Legacy is the memory imprint a person leaves behind at every step on the pathway of life’s journey.   Prepare yourself for a journey, because you’re about to meet some of our nation’s most successful people. “Success” is, of course, a slippery term. Many equate it with finances or notoriety—but being rich and/or famous is not a true measure of success, no matter how television and tabloids portray the “stars” of the day. What defines a successful life is legacy—what we leave behind; what we pass on to others.
Randy Sutton (The Power of Legacy: Personal Heroes of America's Most Inspiring People)
Nowhere is historian George Santayana’s famous dictum, “Those who cannot remember the past are condemned to repeat it,” more applicable than in finance. Financial history provides us with invaluable wisdom about the nature of the capital markets and of returns on securities. Intelligent investors ignore this record at their peril. Risk
William J. Bernstein (The Four Pillars of Investing: Lessons for Building a Winning Portfolio)
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Francis Mbasu
End of May 2012 The continuation of my email to Andy: …I was delighted to return to London after war-ravaged Belfast. The students in our college had to evacuate several times due to IRA bomb threats. I must have subconsciously selected to be in Northern Ireland because of my unsettling inner upheavals. Much like the riots that went on in the city in 1971, I was unconsciously fighting my inner demons within myself. I needed that year to overcome my sexual additions and to immerse myself in my fashion studies. By the following year, I had compiled an impressive fashion design portfolio for application with various London Art and Design colleges. Foundation students generally required two years to complete their studies. I graduated from the Belfast College of Art with flying colors within a year. By the autumn of 1972, I was accepted into the prestigious Harrow School of Art and Technology. Around that period, my father’s business was waning and my family had financial difficulty sponsoring my graduate studies. Unbeknownst to my family, I had earned sufficient money during my Harem services to comfortably put myself through college. I lied to my parents and told them I was working part-time in London to make ends meet so I could finance my fashion education. They believed my tall tale. For the next three years I put my heart and soul into my fashion projects. I would occasionally work as a waiter at the famous Rainbow Room in Biba, which is now defunct. Working at this dinner dance club was a convenient way of meeting beautiful and trendy patrons, who often visit this capricious establishment.
Young (Unbridled (A Harem Boy's Saga, #2))
Boyd was famous for browbeating his audiences with the mantra, “People, ideas, and hardware—in that order!” What we have seen so far reinforces Boyd’s conclusion. In all the battles and business examples noted in chapter II, as well as in the Pentagon and World Trade Center attacks, groups of dedicated people found and exploited weaknesses in their larger and better-financed adversaries.
Chet Richards (Certain to Win: The Strategy of John Boyd, Applied to Business)
There’s another level at which attention operates, this has to do with leadership, I argue that leaders need three kinds of focus, to be really effective, the first is an inner focus, let me tell you about a case that’s actually from the annals of neurology, there was a corporate lawyer, who unfortunately had a small prefrontal brain tumour, it was discovered early, operated successfully, after the surgery though it was a very puzzling picture, because he was absolutely as smart as he had been before, a very high IQ, no problem with attention or memory, but he couldn’t do his job anymore, he couldn’t do any job, in fact he ended up out of work, his wife left him, he lost his home, he’s living in his brother spare bedroom and in despair he went to see a famous neurologist named Antonio Damasio. Damasio specialized in the circuitry between the prefrontal area which is where we consciously pay attention to what matters now, where we make decisions, where we learn and the emotional centers in the midbrain, particularly the amygdala, which is our radar for danger, it triggers our strong emotions. They had cut the connection between the prefrontal area and emotional centers and Damasio at first was puzzled, he realized that this fellow on every neurological test was perfectly fine but something was wrong, then he got a clue, he asked the lawyer when should we have our next appointment and he realized the lawyer could give him the rational pros and cons of every hour for the next two weeks, but he didn’t know which is best. And Damasio says when we’re making a decision any decision, when to have the next appointment, should I leave my job for another one, what strategy should we follow, going into the future, should I marry this fellow compared to all the other fellows, those are decisions that require we draw on our entire life experience and the circuitry that collects that life experience is very base brain, it’s very ancient in the brain, and it has no direct connection to the part of the brain that thinks in words, it has very rich connectivity to the gastro- intestinal tract, to the gut, so we get a gut feeling, feels right, doesn’t feel right. Damasio calls them somatic markers, it’s a language of the body and the ability to tune into this is extremely important because this is valuable data too - they did a study of Californian entrepreneurs and asked them “how do you make your decisions?”, these are people who built a business from nothing to hundreds of millions or billions of dollars, and they more or less said the same strategy “I am a voracious gatherer of information, I want to see the numbers, but if it doesn’t feel right, I won’t go ahead with the deal”. They’re tuning into the gut feeling. I know someone, I grew up in farm region of California, the Central Valley and my high school had a rival high school in the next town and I met someone who went to the other high school, he was not a good student, he almost failed, came close to not graduating high school, he went to a two-year college, a community college, found his way into film, which he loved and got into a film school, in film school his student project caught the eye of a director, who asked him to become an assistant and he did so well at that the director arranged for him to direct his own film, someone else’s script, he did so well at that they let him direct a script that he had written and that film did surprisingly well, so the studio that financed that film said if you want to do another one, we will back you. And he, however, hated the way the studio edited the film, he felt he was a creative artist and they had butchered his art. He said I am gonna do the film on my own, I’m gonna finance it myself, everyone in the film business that he knew said this is a huge mistake, you shouldn’t do this, but he went ahead, then he ran out of money, had to go to eleven banks before he could get a loan, he managed to finish the film, you may have seen
Daniel Goleman
What is so important about Engelbart’s legacy is that he saw the computer as primarily a tool to augment—not replace—human capability. In our current era, by contrast, much of the financing flowing out of Silicon Valley is aimed at building machines that can replace humans. In a famous encounter in 1953 at MIT, Marvin Minsky, the father of research on artificial intelligence, declared: “We’re going to make machines intelligent. We are going to make them conscious!” To which Doug Engelbart replied: “You’re going to do all that for the machines? What are you going to do for the people?
Jonathan Taplin (Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy)
Then I remembered why he would do this: because it is the Russian thing to do. There’s a famous Russian proverb about this type of behavior. One day, a poor villager happens upon a magic talking fish that is ready to
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice)
It bears mentioning that in Russia there is no respect for the individual and his or her rights. People can be sacrificed for the needs of the state, used as shields, trading chips, or even simple fodder. If necessary, anyone can disappear. A famous expression of Stalin’s drives right to the point: “If there is no man, there is no problem.
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man’s Fight for Justice)
There was a gold rush atmosphere in the fledgling days of the internet boom, and indeed it evoked memories of the first California gold rush, which was its own sort of bubble. Exactly a century and a half earlier, gold was discovered in the foothills of the Sierra Nevada by a former carpenter from New Jersey. Hordes of fortune seekers then invaded the state from every corner of the globe, striding into the hills with picks and shovels and pans—and nearly all of them ended up penniless. Yet there were some pioneers whose wealth and success endured, and typically they were the people not especially interested in pulling gold out of the ground. A famous maxim was coined: If you want to get rich during a gold rush, sell shovels.
Christopher Varelas (How Money Became Dangerous: The Inside Story of Our Turbulent Relationship with Modern Finance)
The flying geese theory, and historical experience in America, Asia, and Europe, predict that as factories accumulate in a developing country, locals will eventually take over ownership and become the next wave of manufacturing moguls. There is reason to believe that this will happen in Africa as well. Some countries, perhaps most famously Ethiopia, have policies to encourage local ownership in manufacturing. Many government tenders advantage local manufacturers, and financing by country-level development banks is often available only to locals.
Irene Yuan Sun (The Next Factory of the World: How Chinese Investment Is Reshaping Africa)
the roughly $800 billion in available stimulus, we directed more than $90 billion toward clean energy initiatives across the country. Within a year, an Iowa Maytag plant I’d visited during the campaign that had been shuttered because of the recession was humming again, with workers producing state-of-the-art wind turbines. We funded construction of one of the world’s largest wind farms. We underwrote the development of new battery storage systems and primed the market for electric and hybrid trucks, buses, and cars. We financed programs to make buildings and businesses more energy efficient, and collaborated with Treasury to temporarily convert the existing federal clean energy tax credit into a direct-payments program. Within the Department of Energy, we used Recovery Act money to launch the Advanced Research Projects Agency–Energy (ARPA-E), a high-risk, high-reward research program modeled after DARPA, the famous Defense Department effort launched after Sputnik that helped develop not only advanced weapons systems like stealth technology but also an early iteration of the internet, automated voice activation, and GPS.
Barack Obama (A Promised Land)
The most famous ruler of this period was Hammurabi, who lived circa 1810–1750 BCE. He is best known for the Code of Hammurabi—a set of laws inscribed on a black basalt pillar that now stands in the Louvre Museum. Hammurabi’s code specifies the rate of interest on silver at 20% and on barley at 33⅓%. What is most important about the code is not what is says but what it represents. The code is a uniform legal framework for the entire Babylonian empire. It covered everything from criminal law to family law, commercial practice to property rights. It details a range of punishments for transgressions, methods of dispute resolution, and attributions of fault for various offenses. It specifies the roles of judge, jury, witnesses, plaintiffs, and defendants. It recognizes and elaborates the rights of ownership of property, including rights to lease and rights of eminent domain. It specifies the role of the written document in a contractual obligation, the necessity of receipts, and what should be done if they do not exist. It specifies legal tender. It describes the obligations of merchants, brokers, and agents and their fiduciary duties and limits to their liabilities in case of attack or theft. It places limits on the term of debt indenture (three years). In short, it creates a comprehensive, uniform framework for commerce.
William N. Goetzmann (Money Changes Everything: How Finance Made Civilization Possible)
You cannot project to others the idea that you are successful or wealthy if you don’t believe it yourself. Get into a Muhammad Ali frame of mind; as he famously said, ‘I am the greatest, I said that even before I knew I was.’ In other words, you need to think and act like you’ve already achieved your goal in order that people will treat you that way. And when people treat you as a success you’ll find it easier to achieve that success. By thinking confidently you therefore create a virtuous circle of achievement
John Middleton (Wallace D. Wattles' The Science of Getting Rich: A modern-day interpretation of a personal finance classic (Infinite Success))
Trade disputes were regularly argued before juries of hundreds of citizens, and this must have created an intensely financially literate society. The monetization of the Athenian economy was an equally important step. Recently, scholars have argued that it played a central role in the transition to the political phenomenon for which Athens is most famous: democracy. Money became both a tool for sharing the Athenian economic success and an instrument for aligning personal loyalties to the state.
William N. Goetzmann (Money Changes Everything: How Finance Made Civilization Possible)
Much of what we know about the ancient Athenian financial system comes from surviving judicial orations. The courts themselves were key elements in the financial system. The Athenian court system resolved disputes between plaintiffs and defendants through trial by jury. Jurors—typically 500 at a time—were chosen randomly and sat for a day, which was the maximum length of a trial. Plaintiff and defendant represented themselves, although famous orators were sometimes engaged to compose their speeches. Speaking time was regulated by a water-clock. Jurors did not deliberate together; rather they voted, and the ruling was determined by a majority vote.1 At the end of the day, the matter was settled.
William N. Goetzmann (Money Changes Everything: How Finance Made Civilization Possible)
Warren Buffett didn’t take his rejection by Harvard Business School to heart because, as he says, ‘I always knew I was going to be rich. I don’t think I ever doubted it for a minute.’ Don’t assume that other people are right about you and you are wrong; only you know what you’re truly capable of. Luckily Fred Astaire had already learned to think positively and ignore the negative when he received this famously unfavourable review of a screen test, ‘Can’t sing. Can’t act. Balding. Can dance a little.
John Middleton (Wallace D. Wattles' The Science of Getting Rich: A modern-day interpretation of a personal finance classic (Infinite Success))
A famous expression of Stalin's drives right to the point: 'If there is no man, there is no problem.
Bill Browder (Red Notice: A True Story of High Finance, Murder, and One Man's Fight for Justice)
Norman had never believed much in the benefits of economic policy analysis—he would later famously instruct the Bank of England’s chief economist, “You are not here to tell us what to do, but to explain to us why we have done it
Liaquat Ahamed (Lords of Finance: 1929, The Great Depression, and the Bankers who Broke the World)
André de Montbard, the uncle of the famous Cistercian order intellectual and the Templar’s main propagandist, Bernard of Clairvaux. Montbard was also a
Joseph Farrell (Thrice Great Hermetica and the Janus Age: Hermetic Cosmology, Finance, Politics and Culture in the Middle Ages through the Late Renaissance)
[The] more confidence an expert had, the worse his predictions tended to be and that the more famous an expert was, the worse her predictions were on average. Only in Wall Street Bizarro World would we expect confident experts to be stupid and famous thought leaders to be deserving of infamy.
Daniel Crosby (The Laws of Wealth: Psychology and the secret to investing success)
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The financial crisis didn't happen because its techniques didn't work; it happened because they worked all too well. There is an element of truth to Warren Buffett's characterization of these techniques as 'financial weapons of mass destruction.' Securization, credit default swaps, and other derivative securities are the financial equivalent of Einstein's famous formula. Global financial markets contain enormous financial energy, and when detonated in an uncontrolled and irresponsible manner, you get bubbles, crashes, and years of nuclear fallout. But the analogy works both ways - it also implies that when we use these tools carefully and responsibly, we get virtually unlimited power for fueling innovation and economic growth.
Andrew W. Lo (Adaptive Markets: Financial Evolution at the Speed of Thought)
The British bankers at that time also controlled the fledgling American banks which offered to loan Abraham Lincoln money to fight the war. Lincoln wisely refused and created the famous Lincoln greenbacks with which he financed the Civil War.38 Abraham Lincoln, in a famous address, declared: “At what point, then, is the approach of danger to be expected? I answer, if it ever reach us it must spring up among us, it cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen we must live through all time or die of suicide.” 39 Lincoln’s refusal to finance the Union through debt to the internationalists demonstrated his keen insight into their strategy for global dominion. Hence, he financed the Civil War by printing the Lincoln greenbacks. In both respects—with regard to the Civil War and the British bankers’ attempt to seize control of the economics of America—once again the aims of the globalists were frustrated. This is what caused Lincoln’s assassination. Nonetheless, America remained in control of her own credit. The result of this victory was low interest loans for entrepreneurs, which led to great business expansion. This great expansion in the post-Civil War era enhanced the fears of those who sought to bring the world into a One World Order. If America was allowed to continue to expand, she would be a major—perhaps insurmountable—obstacle in the way of their goal. For one hundred years, America was able to avoid total control of her capital by the international bankers. Lincoln was most certainly a great irritant and obstacle to the aspirations of the globalists. He was the last president to seek categorically a halting of the globalists’ drive toward a Global One World Government. It cost him his life; he was murdered by John Wilkes Booth, also an agent of the internationalists.40 America’s emergence from the Civil War as a great industrial power was due to the effective centralization of capital and credit within the Federal Government, thanks to Lincoln. It was America’s control over her own capital that was making her prosperous. It was the aim of the international bankers to change all that. Lincoln was the victim of a major conspiracy—a conspiracy so important that even the European bankers were involved. Lincoln had to be eliminated because he dared to oppose their attempt to force a central bank on the United States. He became an example to those who would later oppose such machinations in high places. Could it be that, one hundred years later, John F.
Kenneth B. Klein (The Deep State Prophecy and the Last Trump)
Much ink has been spilled over whether fascism represented an emergency form of capitalism, a mechanism devised by capitalists by which the fascist state—their agent—disciplined the workforce in a way no traditional dictatorship could do. Today it is quite clear that businessmen often objected to specific aspects of fascist economic policies, sometimes with success. But fascist economic policy responded to political priorities, and not to economic rationale. Both Mussolini and Hitler tended to think that economics was amenable to a ruler’s will. Mussolini returned to the gold standard and revalued the lira at 90 to the British pound in December 1927 for reasons of national prestige, and over the objections of his own finance minister. Fascism was not the first choice of most businessmen, but most of them preferred it to the alternatives that seemed likely in the special conditions of 1922 and 1933—socialism or a dysfunctional market system. So they mostly acquiesced in the formation of a fascist regime and accommodated to its requirements of removing Jews from management and accepting onerous economic controls. In time, most German and Italian businessmen adapted well to working with fascist regimes, at least those gratified by the fruits of rearmament and labor discipline and the considerable role given to them in economic management. Mussolini’s famous corporatist economic organization, in particular, was run in practice by leading businessmen. Peter Hayes puts it succinctly: the Nazi regime and business had “converging but not identical interests.” Areas of agreement included disciplining workers, lucrative armaments contracts, and job-creation stimuli. Important areas of conflict involved government economic controls, limits on trade, and the high cost of autarky—the economic self-sufficiency by which the Nazis hoped to overcome the shortages that had lost Germany World War I. Autarky required costly substitutes—Ersatz— for such previously imported products as oil and rubber. Economic controls damaged smaller companies and those not involved in rearmament. Limits on trade created problems for companies that had formerly derived important profits from exports. The great chemical combine I. G. Farben is an excellent example: before 1933, Farben had prospered in international trade. After 1933, the company’s directors adapted to the regime’s autarky and learned to prosper mightily as the suppliers of German rearmament. The best example of the expense of import substitution was the Hermann Goering Werke, set up to make steel from the inferior ores and brown coal of Silesia. The steel manufacturers were forced to help finance this operation, to which they raised vigorous objections.
Robert O. Paxton (The Anatomy of Fascism)
The poor, unable to comprehend economic theory, blamed their increasing poverty on the machinations of the great and proposed to better their lot by killing their masters. In France, ravaged by the Hundred Years War, the rebel mood showed itself in town and country. In Paris, the Estates General of 1355, led by the provost of merchants, Etienne Marcel, made revolutionary demands to control the national finances and hence the kingdom. Marcel turned demagogue, courted the mob, invented the famous phrase, “the will of the people,” and also the liberty cap of red and blue. But as happens so often, the rebel defeated his own purposes by his exorbitance. In July 1358, Marcel was assassinated.
Morris Bishop (The Middle Ages)
The cancellation of inter-Ally war debts was designed to de-couple American finance from Europe. Keynes supported American loans to get European industry restarted, pay for essential food imports, and stabilize currencies. But he was adamantly opposed to Europeans borrowing from the United States to service deadweight debt. His book became an international best-seller, had a profound effect on post-war thinking, and made Keynes world-famous.
Robert Skidelsky (Keynes: A Very Short Introduction (Very Short Introductions))
raised to mark German unity. From Schöneberg in West Berlin, the peal of the Freedom Bell was broadcast in the square in front of the Reichstag. A replica of the famous Liberty Bell in Philadelphia, financed in large part by donations from Americans, this bell had hung in Schöneberg’s town hall since October 1950. To this day, it bears the inscription “That this world under God shall have a new birth of freedom,” echoing President Abraham Lincoln’s Gettysburg Address in 1863, at the turning point in the American Civil War. The inscription had become reality for us, too. The GDR was history. There was only one German state now.
Angela Merkel (Freedom: Memoirs 1954 – 2021)
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