Billions of years ago, you were a big bang, but now you're a complicated human being. And then we cut ourselves off, and don't feel that we're still the big bang. But you are.
The best characterization is provided by the product of this religious education, the Jew himself. His life is only of this world, and his spirit is inwardly as alien to true Christianity as his nature two thousand years previous was to the great founder of the new doctrine.
Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
I would say of all the things that have happened during the course of my presidency the knowledge that you have hundreds of thousands of people who have been killed, millions who have been displaced, [makes me] ask myself what might I have done differently along the course of the last five, six years.
Things said or done long years ago Or things I did not do or say But thought that I might say or do, Weigh me down, and not a day But something is recalled, My conscience or my vanity appalled.
If you expect to be a net saver during the next 5 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. 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.
What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.