We must remain patient, flexible in our outlook and always aware that eventually all securities and assets will be priced according to their future earnings. (Location 226)
Tags: orange
All bull markets come to an end, typically when people are most optimistic about the future, and they are followed by bear markets which similarly reach their conclusion when sentiment is at its most negative. (Location 229)
Tags: orange
What is unique about this book is that he has extensively researched global archives to find out what the press actually said at the time and how share prices responded. (Location 234)
Tags: orange
To make superior returns the investor has to be prepared to act against the consensus and invest when sentiment is extremely negative, or, as I prefer to call it, at the point of maximum pessimism. Likewise, he must be prepared to sell when the levels of optimism are excessive. (Location 240)
Tags: orange
First, it is better to be in the market than out – over the long-term, world stock markets rise. (Location 248)
Tags: orange
Placing these historical market movements in context is important. It is helpful to remember that a market index is no more than the aggregate changes in prices of shares that comprise it. (Location 253)
Tags: orange
Sandy examines the ingenuity of the entrepreneurs of bygone years – how they struggled to develop their products and markets. (Location 259)
Tags: orange
First, a new invention is greeted with scepticism from incumbent technology and potential new investors. (Location 261)
Tags: orange
So far, so good; but as the technology begins to mature, a sense of realism sets in. Inevitably, for some, cash runs out. (Location 264)
Tags: orange
Technology may have changed the world – but it has not changed human nature. To survive and prosper now requires only the same (Location 269)
Tags: orange
fortitude and common sense as it did 200 years ago. (Location 270)
Tags: orange
Back in 1999 the problem was that I kept hearing: “This is the new economy, stupid. Don’t you know that things are different in the new economy?” (Location 288)
Tags: orange
One reason for that is that the incentives to participate in an emerging technology craze are so very powerful. (Location 297)
Tags: orange
It set me wondering: what happened in the past when new technologies with similar transforming potential had arrived on the scene? (Location 303)
Tags: orange
In many cases, reconstructing the economic and share price performance of the leading companies involved proved a full-time piece of research in itself. (Location 338)
Tags: orange
As with railways and electricity, it turns out that the visionaries who predicted that the Internet would transform the social and economic landscape were right. (Location 349)
Tags: orange
Ironically, two of the biggest – Facebook and Google – barely existed at the time of the bubble, and few investors foresaw that search and social media would create two natural monopolies that dominate the world of digital advertising. (Location 359)
Tags: orange
but instead by identifying and betting against those companies which are bound to lose? (Location 369)
Tags: orange
A consistent theme from Sir John was that the study of past financial history can be a rich source of inspiration and guidance for investors. (Location 384)
Tags: orange
In the mid-1820s, transport was the dominant class of investable securities. Canals, docks, bridges and roads made up more than half the quoted stock market universe in 1825. Of the rest, the most important sectors were gas and water utilities and mining companies. (Location 434)
Tags: orange