Investment

"As existing markets expand and REIT-like structures are introduced in more countries, we expect to see the overall market grow by some ten percent per annum over the next five years, taking the market to $1 trillion by 2010."

"This transaction is truly a win-win. It helps maintain affordability in the assets, and, at the same time, the proceeds generated from the transaction strengthen the REIT's position to further increase housing supply across the country as we invest in our existing portfolio and new purpose-built rental developments."

"In recent budget negotiations, Senate Democrats agreed to a boost in military spending that exceeded the cap for fiscal 2018 by $70 billion, bringing the total request to an enormous $716 billion... more Pentagon contracts will be awarded to private corporations that use endless war to line their pockets... If neither major political party will stand up to this status quo, what can be done? One answer might be found in the recent push to divest from fossil fuel companies undertaken by, among others, Norway and New York City. By December of 2016, 688 institutions, representing over $5 trillion in assets, had divested from fossil fuels... Author Naomi Klein described the fossil fuel divestment effort as “a process of delegitimizing” the sector and of affirming that it yields “odious profits.” An analogous campaign to delegitimize beneficiaries of war is long overdue."

"In addition to pressuring our members of Congress to refuse campaign donations from weapons manufacturers and war profiteers, we must mount a divestment effort at the institutional and municipal level. Investment in war must come at the cost of public disgrace... Divestment offers an alternate means of addressing the blight of war profiteering in an era in which traditional political routes have been closed by our craven representatives. It also brings the message into smaller communities–communities that crumble while defense contractors live in luxury...A new coalition of about 70 groups... has formed to launch a Divest From the War Machine campaign"

"We will not invest in our annihilation. Now we can avoid it... Our world and everything we care about is threatened every moment of every day by nuclear weapons, either by intent, accident, miscalculation or cyber-attack. These weapons, though now illegal following the July 2017 U.N. “Treaty on the Prohibition of Nuclear Weapons”, adopted by 122 nations, continue to be modernized at an expected cost of $1.7 trillion over the next 30 years... Now is the time to stop the insanity and divest of nuclear weapons just as apartheid was ultimately stopped by divestment in South Africa. If we want to abolish nuclear weapons, we must stop investing in them. The just released “Don’t Bank On The Bomb“ report draws attention to the “Hall Of Shame” companies that are either financing or producing nuclear weapons and their components."

"Ultimately, nuclear weapons will be abolished. They will either be abolished through the means outlined in the “Treaty on the Prohibition of Nuclear Weapons” and by divesting from them or, through their use in nuclear war, the aftermath of which may end all of life on this planet. The choice is ours. Our children and the future of the planet demand abolition now."

"The Vatican urged Catholics on Thursday to disinvest from the armaments and fossil fuel industries and to closely monitor companies in sectors such as mining to check if they are damaging the environment. The calls were contained in a 225-page manual for church leaders and workers to mark the fifth anniversary of Pope Francis’ landmark encyclical “Laudato Si” (Praised Be) on the need to protect nature, life and defenseless people. The compendium suggests practical steps to achieve the goals of the encyclical, which strongly supported agreements to contain global warming and warned against the dangers of climate change. The manual’s section on finance said people “could favor positive changes ... by excluding from their investments companies that do not satisfy certain parameters.” It listed these as respect for human rights, bans on child labor and protection of the environment... Last month, more that 40 faith organizations from around the world, more than half of them Catholic, pledged to divest from fossil fuel companies. The document urges Catholics to defend the rights of local populations to have a say in whether their lands can be used for oil or mineral extraction and the right to take strong stands against companies that cause environmental disasters or over-exploit natural resources such as forests."

"Over 550 students and alumni are calling on the University to divest from the U.S. prison system and publicly disclose its endowment holdings. “We, the undersigned, call upon the Princeton University Investment Company (PRINCO) to immediately and unequivocally divest Princeton’s holdings from the Prison-Industrial Complex,” notes a petition by Students for Prison Education, Abolition, and Reform (SPEAR)... The campaign broadens the definition of the prison complex system to include public prisons at the local, state, and federal levels. It also includes companies, such as Aramark, a food services corporation...that profit from the prison system... As of 2013, prisoners held in privately owned prisons constitute 8.4 percent of the total U.S. prison population... Such a small percentage makes the University’s divestment from private prisons “low-hanging fruit,” said Masha Miura ’21... Given the University’s renewed commitment “to identify specific actions that can be taken in their areas of responsibility to confront racism” in June — SPEAR leaders expect substantive change. For Miura, private and public prisons alike are enmeshed in capitalism. Private companies serving the prison system also receive funding from the government and actively marginalize and abuse people of color..."

"[[w: Boycott, Divestment and Sanctions|The BDS [Boycott, Divestment and Sanctions] movement]] was launched in 2005 by representatives of Palestinian civil society. They called upon “international civil society organizations and people of conscience all over the world to impose broad boycotts and implement divestment initiatives against Israel similar to those applied to South Africa in the apartheid era …” This call for BDS specified that “these non-violent punitive measures” should last until Israel fully complies with international law..."

"Together, these bylaws prohibit any future fossil fuel investments from entering the endowment....As the terms of these partnerships approach their legally-contracted conclusions… the [investment] managers will move through the sale processes of those assets... In the past few years... the College has found that the investment in sustainable energy companies provides great returns and also allows the College to support new technology developments and make a huge difference.... Our investment team’s analysis indicated that there is a continued growing global shift in demand towards renewable and clean energy,... What we’ve noticed is that investments in energy transitions are now comparable or better than the investment opportunities in fossil fuel companies...Our investment team’s analysis indicated that there is a continued growing global shift in demand towards renewable and clean energy... What we’ve noticed is that investments in energy transitions are now comparable or better than the investment opportunities in fossil fuel companies."

"A movement to divest from fossil fuel is gaining support among foundations as activists push for funding to be shifted away from coal, oil and natural gas. The call from activists to the charitable world is simple: Ditch fossil fuels and direct your investments into climate-friendly companies and funds. The worldwide divestment campaign has sought commitments from universities, corporations and other entities. Now, two of the biggest names in philanthropy — the Ford and MacArthur foundations — are reorienting their investments away from fossil fuels, a move that leaders of the divestment movement hope will prove to be a tipping point for the charitable world.... “We’re calling on governments and corporations to act on climate aggressively and commensurate with the science,” said Ellen Dorsey, executive director of the Wallace Global Fund and a leader in Divest-Invest Philanthropy, which is pushing the philanthropic community to dump its fossil fuel investments.... The MacArthur Foundation, an $8 billion organization known for its “genius grants,” pledged two years ago to halt new investments in oil and gas. It went further in September, saying it would switch to U.S. index funds that exclude fossil fuel companies. And it's aiming to change its global index funds to do the same within a year."

"On October 27, University of Toronto (UofT) President Meric Gertler announced the university’s commitment to divest from fossil fuel companies within its endowment fund of $4 billion, citing findings from the United Nations and the World Health Organization on the impending climate crisis which “now demands bold actions that have both substantive and symbolic impact.” This divestment includes a pledge to divest from all direct investments in fossil fuel companies within the next 12 months... This decision follows those of many other universities across Canada and the United States in the past few years, including Concordia University in 2019 and Harvard University this past September....As of 2021, approximately 220 postsecondary institutions have divested from the fossil fuel industry. UofT’s decision was motivated by its perceived role as a leading academic institution to meet the “urgent challenge” of the climate crisis and its responsibility for the detrimental effects that will “disproportionately fall on students and generations of future students and children around the world.”"

"The city’s mayor signed a bill to eliminate the controversial investments by 2025. Boston Mayor Michelle Wu has signed into law an ordinance to divest the city from the fossil fuel, tobacco, and private prison industries by the end of 2025. The ordinance prohibits using public funds to invest in the stocks, securities, or other obligations of any company that derives more than 15% of its revenue from those industries. Under the new law, fossil fuel investments are defined as investments in any company that derives more than 15% of its revenue from the combustion, distribution, extraction, manufacture, or sale of fossil fuels, including coal, oil and gas, or fossil fuel products. It also includes electric distribution companies with corporate affiliates that derive revenue from fossil fuels."

"Boston is among an increasing number of municipalities, universities, and private foundations that have announced plans to divest from fossil fuels. In late October, ahead of the 2021 United Nations Climate Change Conference, better known as COP26, Auckland, New Zealand; Copenhagen, Denmark; Glasgow, Scotland; Paris; Rio de Janeiro; and Seattle announced commitments to divest from fossil fuel companies and increase investments to make cities more sustainable. Also last month, Baltimore Mayor Brandon Scott signed a bill that requires the city’s three pension funds to divest from the fossil fuel industry. Those are in addition to divestment commitments made last year by Berlin; Bristol, England; Cape Town, South Africa; Durban, South Africa; London; Los Angeles; Milan; New Orleans; New York City; Oslo; Norway; Pittsburgh; and Vancouver, Canada. “Cities are at the forefront of tackling the climate emergency and there is real momentum to move investments away from fossil fuels and toward climate solutions,” London Mayor Sadiq Khan, who is chair-elect of C40 Cities, a network of mayors working to confront climate change, said in a statement. “I will continue to encourage more cities to join the movement, and urge national governments and private finance institutions to mobilize more finance to invest directly in cities to support a green and fair recovery.”"

"The College’s endowment will no longer be directly invested in fossil fuels and the Dartmouth Investment Office intends to allow its remaining public holdings in the sector to expire, according to an Oct. 8 announcement. Although this release marks the College’s first formal announcement of its divestment plan, the DIO banned fossil fuel holdings in 2020. The College’s divestment approach results from two decisions made over a four-year span: a 2017 decision that barred the endowment from making any “new investments in private fossil fuel extraction, exploration and production funds” and a decision in early 2020 “for [the College’s] direct public portfolio to no longer hold investments in fossil fuel companies,” according to the announcement. The move comes after Harvard University announced a similar divestment strategy in September, after the 2021 Intergovernmental Panel on Climate Change report outlined the disastrous effects of continued climate inaction, after the student body presidents of the eight Ivy League schools called on the League to divest in April and after years of activism from Divest Dartmouth... According to the statement, “evidence that correlates the production of fossil fuels with the warming of the atmosphere is convincing and widely accepted.”"

"Divestment campaigns urge banks, local councils, churches, pension funds and universities to withdraw investments from all Israeli companies and from international companies involved in violating Palestinian rights... BDS initiatives have been passed by more than 50 councils in Spain and by dozens of other councils in the U.K., Australia, Sweden, Norway and Ireland. U.S. churches, including the Presbyterian Church USA, the United Church of Christ and the United Methodist Church (UMC), and several Quaker bodies have voted to divest from Israeli and international companies targeted by the BDS movement. Academic associations in the U.S., Canada, Ireland, South Africa and the U.K. have voted to support BDS. More than 30 U.S. student associations and 11 Canadian student associations have voted to support divestment from Israeli apartheid... The E.U. has introduced rules prohibiting funding of Israeli companies and bodies based in illegal Israeli settlements and has warned businesses about the risks of doing business with illegal Israeli settlements."

"The city’s mayor signed a bill to eliminate the controversial investments by 2025. Boston Mayor Michelle Wu has signed into law an ordinance to divest the city from the fossil fuel, tobacco, and private prison industries by the end of 2025. The ordinance prohibits using public funds to invest in the stocks, securities, or other obligations of any company that derives more than 15% of its revenue from those industries. Under the new law, fossil fuel investments are defined as investments in any company that derives more than 15% of its revenue from the combustion, distribution, extraction, manufacture, or sale of fossil fuels, including coal, oil and gas, or fossil fuel products. It also includes electric distribution companies with corporate affiliates that derive revenue from fossil fuels."

"Boston is among an increasing number of municipalities, universities, and private foundations that have announced plans to divest from fossil fuels. In late October, ahead of the 2021 United Nations Climate Change Conference, better known as COP26, Auckland, New Zealand; Copenhagen, Denmark; Glasgow, Scotland; Paris; Rio de Janeiro; and Seattle announced commitments to divest from fossil fuel companies and increase investments to make cities more sustainable. Also last month, Baltimore Mayor Brandon Scott signed a bill that requires the city’s three pension funds to divest from the fossil fuel industry. Those are in addition to divestment commitments made last year by Berlin; Bristol, England; Cape Town, South Africa; Durban, South Africa; London; Los Angeles; Milan; New Orleans; New York City; Oslo; Norway; Pittsburgh; and Vancouver, Canada. “Cities are at the forefront of tackling the climate emergency and there is real momentum to move investments away from fossil fuels and toward climate solutions,” London Mayor Sadiq Khan, who is chair-elect of C40 Cities, a network of mayors working to confront climate change, said in a statement. “I will continue to encourage more cities to join the movement, and urge national governments and private finance institutions to mobilize more finance to invest directly in cities to support a green and fair recovery.”"

"The state of Oregon should divest from the fossil fuels industry to protect both the environment and its investments, three Oregon lawmakers said Wednesday as a new study put the level of that investment at $1.8 billion or more. “The Oregon Treasury, which manages $130 billion of the state’s investment portfolio, is invested in oil, gas, and coal companies responsible for our climate emergency,” Reps. Khanh Pham, Paul Holvey and Jeff Golden said in a column published in The Oregonian/OregonLive, the state's largest newspaper."

"The logic of divestment couldn't be simpler: if it's wrong to wreck the climate, it's wrong to profit from that wreckage."

"Greta Thunberg"

"Christiana Figueres"

"Bill McKibben"

"We see this as both a moral imperative and an economic opportunity."

"I think this is part of a process of delegitimising this sector and saying these are odious profits, this is not a legitimate business model."

"This Agreement [...] aims to strengthen the global response to the threat of climate change, [...] including by [...] Holding the increase in the global average temperature to well below 2 °C and [...] Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development."

"It is clear the transition to a clean energy future is inevitable, beneficial and well underway, and that investors have a key role to play."

"Reasonably, all these investments are financial dead-ends or ecological disasters."

"We need to rapidly shift away from our dependence on fossil fuels. [...] Nothing less than our future and the fate of humankind depends on how we rise to the climate challenge."

"The Vatican urged Catholics on Thursday to disinvest from the armaments and fossil fuel industries and to closely monitor companies in sectors such as mining to check if they are damaging the environment. The calls were contained in a 225-page manual for church leaders and workers to mark the fifth anniversary of Pope Francis’ landmark encyclical “Laudato Si” (Praised Be) on the need to protect nature, life and defenseless people. The compendium suggests practical steps to achieve the goals of the encyclical, which strongly supported agreements to contain global warming and warned against the dangers of climate change. The manual’s section on finance said people “could favor positive changes ... by excluding from their investments companies that do not satisfy certain parameters.” It listed these as respect for human rights, bans on child labor and protection of the environment... Last month, more that 40 faith organizations from around the world, more than half of them Catholic, pledged to divest from fossil fuel companies. The document urges Catholics to defend the rights of local populations to have a say in whether their lands can be used for oil or mineral extraction and the right to take strong stands against companies that cause environmental disasters or over-exploit natural resources such as forests."

"The UK government’s overseas development bank has bowed to calls to end fossil fuel financing abroad by promising to invest only in companies that align with the Paris climate agreement. The CDC Group revealed its new climate strategy, which will end support for the most polluting fossil fuel projects, including the production of oil and coal, and channel almost a third of its spending towards climate finance. The publicly owned investor, which supports job-creating sectors in Africa and south Asia, will end financing for coal mining, and oil and gas production, as well as new or existing power plants and refineries that use coal or heavy oil. The UK government is under growing pressure to end its support for overseas fossil fuel projects after campaigners revealed that more than £3bn in public money was used to support polluting projects abroad since the Paris climate agreement was signed..."

"The decision to curb support follows an exodus of major institutional investors from the coal industry in recent years, including Goldman Sachs and Blackrock. Investors are wary of supporting industries that contribute to the climate crisis, and may risk the financial stability of their funds. Norway’s $1.19tn (£950bn) sovereign wealth fund, the largest in the world, has decided to reduce its exposure to oil and gas investments too."

"The UK’s biggest pension fund, the government-backed National Employment Savings Trust (Nest) scheme with nine million members, is to begin divesting from fossil fuels in what climate campaigners have hailed as a landmark move for the industry. The fund will ban investments in any companies involved in coal mining, oil from tar sands and arctic drilling. But the move puts Nest – a public corporation of the Department for Work and Pensions – potentially at odds with the current pensions minister, Guy Opperman, who earlier this month condemned divestment as “counter productive”. Nest, which handles much of the pensions of workers saving under the government’s “auto enrolment” scheme, will shift £5.5bn into “climate aware” investments as it anticipates a green economic recovery from coronavirus."

"The ban will mean that some of the world’s biggest mining companies, such as BHP, can never be part of Nest’s share holdings, as long they derive profits from digging coal. It said it will sell its final holdings in BHP by 3 August. Nest will also seek to reduce its carbon-intensive holdings, such as with the traditional oil giants, while investing more money in renewable energy infrastructure. The fund’s chief investment officer, Mark Fawcett, said Nest was sending a strong and clear message about the seriousness of climate change."

"The College’sendowment will no longer be directly invested in fossil fuels and the Dartmouth Investment Office intends to allow its remaining public holdings in the sector to expire, according to an Oct. 8 announcement. Although this release marks the College’s first formal announcement of its divestment plan, the DIO banned fossil fuel holdings in 2020. The College’s divestment approach results from two decisions made over a four-year span: a 2017 decision that barred the endowment from making any “new investments in private fossil fuel extraction, exploration and production funds” and a decision in early 2020 “for [the College’s] direct public portfolio to no longer hold investments in fossil fuel companies,” according to the announcement. The move comes after Harvard University announced a similar divestment strategy in September, after the 2021 Intergovernmental Panel on Climate Change report outlined the disastrous effects of continued climate inaction, after the student body presidents of the eight Ivy League schools called on the League to divest in April and after years of activism from Divest Dartmouth... According to the statement, “evidence that correlates the production of fossil fuels with the warming of the atmosphere is convincing and widely accepted.”"

"Together, these bylaws prohibit any future fossil fuel investments from entering the endowment....As the terms of these partnerships approach their legally-contracted conclusions… the [investment] managers will move through the sale processes of those assets... In the past few years... the College has found that the investment in sustainable energy companies provides great returns and also allows the College to support new technology developments and make a huge difference.... Our investment team’s analysis indicated that there is a continued growing global shift in demand towards renewable and clean energy,... What we’ve noticed is that investments in energy transitions are now comparable or better than the investment opportunities in fossil fuel companies...Our investment team’s analysis indicated that there is a continued growing global shift in demand towards renewable and clean energy... What we’ve noticed is that investments in energy transitions are now comparable or better than the investment opportunities in fossil fuel companies."

"A movement to divest from fossil fuel is gaining support among foundations as activists push for funding to be shifted away from coal, oil and natural gas. The call from activists to the charitable world is simple: Ditch fossil fuels and direct your investments into climate-friendly companies and funds. The worldwide divestment campaign has sought commitments from universities, corporations and other entities. Now, two of the biggest names in philanthropy — the Ford and MacArthur foundations — are reorienting their investments away from fossil fuels, a move that leaders of the divestment movement hope will prove to be a tipping point for the charitable world.... “We’re calling on governments and corporations to act on climate aggressively and commensurate with the science,” said Ellen Dorsey, executive director of the Wallace Global Fund and a leader in Divest-Invest Philanthropy, which is pushing the philanthropic community to dump its fossil fuel investments.... The MacArthur Foundation, an $8 billion organization known for its “genius grants,” pledged two years ago to halt new investments in oil and gas. It went further in September, saying it would switch to U.S. index funds that exclude fossil fuel companies. And it's aiming to change its global index funds to do the same within a year."

"On October 27, University of Toronto (UofT) President Meric Gertler announced the university’s commitment to divest from fossil fuel companies within its endowment fund of $4 billion, citing findings from the United Nations and the World Health Organization on the impending climate crisis which “now demands bold actions that have both substantive and symbolic impact.” This divestment includes a pledge to divest from all direct investments in fossil fuel companies within the next 12 months... This decision follows those of many other universities across Canada and the United States in the past few years, including Concordia University in 2019 and Harvard University this past September....As of 2021, approximately 220 postsecondary institutions have divested from the fossil fuel industry. UofT’s decision was motivated by its perceived role as a leading academic institution to meet the “urgent challenge” of the climate crisis and its responsibility for the detrimental effects that will “disproportionately fall on students and generations of future students and children around the world.”"

"The writer, who as an engineer has spent most of his life in factories, is inclined to look at the basis for investment from a technological point of view... Consider … the class of industrial investments only... The situation is one of entrepreneurs and boards of directors considering, from time to time, various ’possibilities of investment’, such as extra lathes or looms, an extension to a factory, a venture in some completely new product, and so on. It is helpful to think of these ’opportunities for investment’ as existing, in a given situation, in great number and variety, whether they are at that moment under active consideration or not. When any such possibility is considered it is assessed in respect of ’expected profitability’. One may conveniently think of all possibilities of investment as ’quanta’ that can be placed in a schedule of small ranges of expected profitability according to these assessments. The placement of a given ’opportunity for investment’ on this schedule has some ’margin of uncertainty’ (a curious analogy with the case of the quanta of physics)."

"The UK government’s overseas development bank has bowed to calls to end fossil fuel financing abroad by promising to invest only in companies that align with the Paris climate agreement. The CDC Group revealed its new climate strategy, which will end support for the most polluting fossil fuel projects, including the production of oil and coal, and channel almost a third of its spending towards climate finance. The publicly owned investor, which supports job-creating sectors in Africa and south Asia, will end financing for coal mining, and oil and gas production, as well as new or existing power plants and refineries that use coal or heavy oil. The UK government is under growing pressure to end its support for overseas fossil fuel projects after campaigners revealed that more than £3bn in public money was used to support polluting projects abroad since the Paris climate agreement was signed..."

"On October 27, University of Toronto (UofT) President Meric Gertler announced the university’s commitment to divest from fossil fuel companies within its endowment fund of $4 billion, citing findings from the United Nations and the World Health Organization on the impending climate crisis which “now demands bold actions that have both substantive and symbolic impact.” This divestment includes a pledge to divest from all direct investments in fossil fuel companies within the next 12 months... This decision follows those of many other universities across Canada and the United States in the past few years, including Concordia University in 2019 and Harvard University this past September....As of 2021, approximately 220 postsecondary institutions have divested from the fossil fuel industry. UofT’s decision was motivated by its perceived role as a leading academic institution to meet the “urgent challenge” of the climate crisis and its responsibility for the detrimental effects that will “disproportionately fall on students and generations of future students and children around the world.”"

"The decision to curb support follows an exodus of major institutional investors from the coal industry in recent years, including Goldman Sachs and Blackrock. Investors are wary of supporting industries that contribute to the climate crisis, and may risk the financial stability of their funds. Norway’s $1.19tn (£950bn) sovereign wealth fund, the largest in the world, has decided to reduce its exposure to oil and gas investments too."

"The UK’s biggest pension fund, the government-backed National Employment Savings Trust (Nest) scheme with nine million members, is to begin divesting from fossil fuels in what climate campaigners have hailed as a landmark move for the industry. The fund will ban investments in any companies involved in coal mining, oil from tar sands and arctic drilling. But the move puts Nest – a public corporation of the Department for Work and Pensions – potentially at odds with the current pensions minister, Guy Opperman, who earlier this month condemned divestment as “counter productive”. Nest, which handles much of the pensions of workers saving under the government’s “auto enrolment” scheme, will shift £5.5bn into “climate aware” investments as it anticipates a green economic recovery from coronavirus."

"The ban will mean that some of the world’s biggest mining companies, such as BHP, can never be part of Nest’s share holdings, as long they derive profits from digging coal. It said it will sell its final holdings in BHP by 3 August. Nest will also seek to reduce its carbon-intensive holdings, such as with the traditional oil giants, while investing more money in renewable energy infrastructure. The fund’s chief investment officer, Mark Fawcett, said Nest was sending a strong and clear message about the seriousness of climate change."

"SWA Magazine: How about orbital space colonies? Do you see these facilities being built or is the government going to cut back on projects like this?"

"The owners of savings not finding, in adequate quantities, their usual kind of investments, rush into anything that promises speciously, and when they find that these specious investments can be disposed of at a high profit, they rush into them more and more. The first taste is for high interest, but that taste soon becomes secondary. There is a second appetite for large gains to be made by selling the principal which is to yield the interest. So long as such sales can be effected the mania continues; when it ceases to be possible to effect them, ruin begins."

"The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands."

"Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac’s talents didn’t extend to investing: He lost a bundle in the South Sea Bubble, explaining later, “I can calculate the movement of the stars, but not the madness of men.” If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases."

"... there are three connected realities that cause investing success to breed failure. First, a good record quickly attracts a torrent of money. Second, huge sums invariably act as an anchor on investment performance: What is easy with millions, struggles with billions (sob!). Third, most managers will nevertheless seek new money because of their personal equation – namely, the more funds they have under management, the more their fees."

"With all the clever brains in America it would be great to see more investment and focus on this essential research!"