Management

"The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future."

"Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole."

"As this State's income rises, so does the income of Michigan. As the income of Michigan rises, so does the income of the United States. A rising tide lifts all the boats and as Arkansas becomes more prosperous so does the United States and as this section declines so does the United States. So I regard this as an investment by the people of the United States in the United States."

"Senator Menendez seems to think that tax increases create jobs and investment. I believe that private businesses create jobs, and that investment will flow to states with good economic climates and good governance, especially in a globalized economy."

"The capitalists of a country which manages to capture foreign markets from other countries are able to increase their profits at the expense of the capitalists of the other countries. Similarly, a colonial metropolis may achieve an export surplus through investment in its dependencies."

"Investment of capital, to yield its fruit in the future, must be based on expectations, of opportunities in the future. When I put this to Hayek, he told me that this was indeed the direction in which he had been thinking. Hayek gave me a copy of a paper on 'intertemporal equilibrium', which he had written some years before his arrival in London; the conditions for a perfect foresight equilibrium were there set out in a very sophisticated manner."

"The landlord, qua landlord, performs no function in the economy of industry or of food production. He is a rent receiver; that, and nothing more. Were the landlord to be abolished, the soil and the people who till it would still remain, and the disappearance of the landowner would pass almost unnoticed. So too with the capitalist. ... By capitalist, I mean the investor who puts his money into a concern and draws profits there from without participating in the organisation or management of the business. Were all these to disappear in the night, leaving no trace behind, nothing would be changed."

"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."

"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.”"

"The investment banks should either choose to be regulated as banks or should arrange to conduct their affairs to not require the stop-gap support of the Federal Reserve."

"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks."

"Investment is most intelligent when it is most businesslike."

"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 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."

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

"... 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."

"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."

"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."

"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."

"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 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 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 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 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..."

"Most people, I think, don't even know what a rootkit is, so why should they care about it?"

"There is a cost associated with DRM, and that is lost sales of content."

"If consumers even know there's a DRM, what it is, and how it works, we've already failed."

"The technology in question is an example of Digital Restrictions Management (DRM) -- technology designed to restrict the public. Describing it as "copyright protection" puts a favorable spin on a mechanism intended to deny the public the exercise of those rights which copyright law has not yet denied them."

"We conclude that given the current and foreseeable state of technology the content protection features of DRM are not effective at combating piracy."

"The development of the Internet has... created significant challenges to any distribution model which depends on scarcity... The financial and skill barriers to making content available globally have simply fallen away... The application of technology to this problem, if it is to be effective, must therefore in some way reestablish a point of scarcity on behalf of the rights holder. However, this raises a fundamental paradox, [which is] the business of publishers lies in providing access rather than in preventing it... Nevertheless, unless copyright is to be abandoned as a mechanism for trading in intellectual property entirely, it will be essential to find an answer to this paradox... They [rights holders] also recognized that those approaches would be ineffective unless the law itself provided enhanced protection for those processes and systems."

"It's baffling to me that the content industries don't look at the experience of the software industry in the 80's, when copy protection on software was widely tried, and just as widely rejected by consumers."

"We said [to the record companies]: None of this technology that you're talking about's gonna work. We have Ph.D.'s here, that know the stuff cold, and we don't believe it's possible to protect digital content."

"It's a polite fiction... Lawyers and technologists continue to sell this snake oil of control, whether it's from the court and the police [RIAA legal jihad], or whether it's coming from technology [DRM]... When I was 14, I told girls I loved them to sleep with them too. It was a fiction. Steve Jobs just leaves a little money on the table. We see Jobs and Gates making promises to the content industry that they have no intention of keeping. It's the promise you make to move forward. The content owner wants to hear it. If we're honest we'd say to the content owners "we're not going to succeed from what we can tell..." But we don't say it. We'll say what we need to say to get it... Once you reach the realization that it isn't going to solve our problems, then you begin to embrace the alternatives."

"The key issue here is that the protection scheme under Blu-ray is very anti-consumer and there's not much visibility of that. The inconvenience is that the movie studios got too much protection at the expense of consumers and it won't work well on PCs. You won't be able to play movies and do software in a flexible way. It's not the physical format that we have the issue with, it's that the protection scheme on Blu is very anti-consumer."

"To recap: we decided to end the Google Video download to own/rent (DTO/DTR) program, and are now refocusing our Google Video engineering efforts. The week before last, we wrote to Google Video DTO/DTR program customers to let them know that videos they'd already bought would no longer be playable."

"We also concluded that any single-machine locks and keys, or special time-out and self-destruct programs, would be onerous to our best customers and not effective against clever thieves. Because we could not devise practical physical security measures, we had to rely on the inherent honesty of our customers."

"The answer to the machine is in the machine."

"Trusted systems presume that the consumer is dishonest."

"By treating Napster as the copyright antichrist, the industry is simply insuring that the vector of Internet technological development will move rapidly toward a lawsuit-proof, free-for-all distributed network of file-sharing -- the very outcome the owners of intellectual property wish to avoid. How stupid can you get? … The good news is that the brain-dead, colossally wasteful, artistically homogenizing old order of the recording industry is committing collective, time-delayed suicide in court."

"Why should self-interested companies be permitted to shift the balance of fundamental liberties, risking free expression, free markets, scientific progress, consumer rights, societal stability, and the end of physical and informational want? Because somebody might be able to steal a song? That seems a rather flimsy excuse."

"In my opinion, content protection and rights management exist only as vestigial efforts to preserve existing models of content sales for as long as the bulk of the consumer market remains clueless. History has shown every content-protection scheme invented for consumer-grade goods to have almost no impact on piracy, and little impact on casual copying, except when it has doomed the technology carrying it. This is inevitable."

"Digital files cannot be made uncopyable, any more than water can be made not wet."

"We see no technical impediments to the darknet becoming increasingly efficient... We believe it probable that there will be a few more rounds of technical innovations... Finally, consumers themselves are likely to rebel against "footing the bill" for these ineffective content protection systems... increased security (e.g. stronger DRM systems) may act as a disincentive to legal commerce... In short, if you are competing with the darknet, you must compete on the darknet's own terms: that is convenience and low cost rather than additional security."

"My personal opinion (not speaking for IBM) is that DRM is stupid, because it can never be effective, and it takes away existing rights of the consumer."

"Now, we need to understand that listening to music on your computer is an extra privilege. Normally people listen to music on their car or through their home stereos [...] If you are a Linux or Mac user, you should consider purchasing a regular CD player.""

"DRM is used to lock consumers to proprietary technology. It is used to control supply and push higher prices. It is used to undermine practices we have long defined as fair use so they can be shifted to fee-based."

"DRM's primary role is not about keeping copyrighted content off P2P networks. DRMs support an orderly market for facilitating efficient economic transactions between content producers and content consumers."

"And it came to me then that every plan is a tiny prayer to father time"

"The plans and schemes of tyrants are broken by many things. They shatter against cliffs of heroic struggle. They rupture on reefs of open resistance. And they are slowly eroded, bit by little bit, on the very beaches where they measure triumph, by countless grains of sand. By the stubborn little decencies of humble little men."