Jeder Valuation Quotes

The essence of the this-time-is-different syndrome is ... rooted in the firmly held belief that financial crises are things that happen to other people in other countries at other times; crises do not happen to us, here and now. We are doing things better, we are smarter, we have learned from past mistakes. The old rules of valuation no longer apply. Unfortunately, a highly leveraged economy can unwittingly be sitting with its back at the edge of a financial cliff for many years before chance and circumstance provoke a crisis of confidence that pushes it off. ~ Carmen Reinhart

I don't read, much less follow, the valuations or predictions. I study the numbers. ~ John Neff

At the fourth, the fractal (or viral, or radiant) stage of value, there is no point of reference at all, and value radiates in all directions, occupying all interstices, without reference to anything whatsoever, by virtue of pure contiguity. At the fractal stage there is no longer any equivalence, whether natural or general. Properly speaking there is now no law of value, merely a sort of epidemic of value, a sort of general metastasis of value, a haphazard proliferation and dispersal of value. Indeed, we should really no longer speak of 'value' at all, for this kind of propagation or chain reaction makes all valuation possible. ~ Jean Baudrillard

Having one's image, and effectively, life, democratized, dehumanizes and sometimes objectifies it into an entertainment product. What sort of valuation of the ego would one have once you've let it been preyed upon by the public for years and years? Perhaps, it becomes truly just skin and bones. ~ Jack Gleeson

Tell me what a man finds sexually attractive and I will tell you his entire philosophy of life. Show me the woman he sleeps with and I will tell you his valuation of himself. ~ Ayn Rand

Private enterprise in the history of civilization has never led large, expensive, dangerous projects with unknown risks. That has never happened because when you combine all these factors, you cannot create a capital market valuation of that activity. ~ Neil DeGrasse Tyson

Groupon looked like a very high valuation, but any investment in a great company at any stage is almost always a good investment. ~ Ben Horowitz

Valuation premiums of quality companies often reflect some degree of expected operational outperformance, but actual performance tends to exceed expectations over time. Stock prices thus tend to undervalue quality companies. ~ Lawrence A. Cunningham

Gross profit margin demonstrates competitive advantage: it is the purest expression of customer valuation of a product, clearly implying the premium buyers assign to a seller for having fashioned raw materials into a finished item and branding it. ~ Lawrence A. Cunningham

Image and perception are everything, and those who possess them have the ability to determine their own myth, to be taken at their own valuation. ~ Christopher Hitchens

Intrinsic valuation is the value to be found in any uniquely individual object not subject to limitations of those values shared in common with some class of other individuals ~ John William Davis

Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration of their assets. Borrowers must always remember that capital markets can be extremely fickle, and that it is never safe to assume a maturing loan can be rolled over. Even if you are unleveraged, the leverage employed by others can drive dramatic price and valuation swings; sudden unavailability of leverage in the economy may trigger an economic downturn. ~ Seth Klarman

The stronghold of the contemplation of Christ's glory affords the soul rest, for it will be made evident that our troubles grow on the root of an over-valuation of temporal things. The mind is its own greatest troubler. ~ John Owen

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science ~ Seth Klarman

What do you think your valuation is right now? Mark asked as they both sat uncomfortably across from and below him, peering up at a boy who could, hypothetically speaking, quite happily buy them or murder them, all with the same exact expression on his face. ~ Nick Bilton

Einstein was right about relativity, but even he would have had a difficult time applying relative valuation in today's stock markets. ~ Aswath Damodaran

Tell me what a person finds sexually attractive and I will tell you their entire philosophy of life. Show me the person they sleep with and I will tell you their valuation of themselves. ~ Ayn Rand

Humans do not simply, innocently, and honestly disagree with each other about the good, the just, the right, the principles and applications of moral distinction and valuation, for they are already caught, like it or not, in a complex dynamic of each other's desires, recognition, power, and comparisons which not only relativizes moral distinctions and valuations, but makes them a constant and dangerous source of discord. ~ Gregory B. Sadler

[Some people] think that sex is a physical capacity which functions independently of
one's mind, choice, or code of values. They think that your body creates a
desire and makes a choice for you–just about in some such way as if iron
ore transformed itself into railroad rails of its own volition. Love is blind,
they say; sex is impervious to reason and mocks the power of all philosophers.
But, in fact, a man's sexual choice is the result and the sum of his fundamental
convictions. Tell me what a man finds sexually attractive and I will tell you
his entire philosophy of life. Show me the woman he sleeps with and I will tell
you his valuation of himself. No matter what corruption he's taught about the
virtue of selflessness, sex is the most profoundly selfish of all acts, an act
which he cannot perform for any motive but his own enjoyment -- just try to think
of performing it as an act of selfless charity! – an act which is not possible
in self-abasement, only in self-exaltation, only in the confidence of being desired
and being worthy of desire. It is an act that forces him to stand naked in spirit,
as well as in body, and to accept his real ego as his standard of value. He will
always be attracted to the woman who reflects his deepest vision of himself,
the woman whose surrender permits him to experience–or to fake–
a sense of self-esteem. The man who is proudly certain of his ~ Ayn Rand

He who acts under an emotional impulse also acts. What distinguishes an emotional action from other actions is the valuation of input and output. Emotions disarrange valuations. Inflamed with passion, man sees the goal as more desirable and the price he has to pay for it as less burdensome than he would in cool deliberation. ~ Ludwig Von Mises

Uber, which raised $1.2 billion this month at a valuation of $40 billion, said in August it had sought a legal opinion and that its Seoul service obeys the law. Opposition to its operations is down to outdated regulations that precede smartphone and wireless technology, Allen Penn, the company's head of Asia, told reporters at the time. Paid transportation with unregistered vehicles is "clearly illegal activity," South Korea's Ministry of Land, Infrastructure and Transport said later that month. The maximum penalty for Uber's alleged legal violation is a two-year prison sentence or a fine of nearly $20,000, Yonhap News reported Wednesday. ~ Anonymous

I should still, paradoxical as it may sound, like to maintain the opposite valuation of the dream in relation to the mysterious foundation of our being, whose phenomena we are. The more aware I become of these omnipotent art impulses in nature, and find in them an ardent longing for illusion and for redemption by illusion, the more I feel compelled to make the metaphysical assumption that the truly existent, the primal Oneness, eternally suffering and contradictory, also needs the delightful vision, the pleasurable illusion for its constant redemption: an illusion that we, utterly caught up in it and consisting of it - as a continuous becoming in time, space and causality, in other words - are required to see as empirical reality. ~ Friedrich Nietzsche

Valuation is vague and arbitrary, when there is no assurance that it will be generally acquiesced in by others. ~ Jean-Baptiste Say

Nothing turns off an investor more than when an entrepreneur comes in with a ridiculous valuation. ~ Kevin Harrington

I do not believe that a moral philosophy can ever be founded on a scientific basis. ... The valuation of life and all its nobler expressions can only come out of the soul's yearning toward its own destiny. Every attempt to reduce ethics to scientific formulas must fail. Of that I am perfectly convinced. ~ Albert Einstein

Money values do not simply mirror the state of affairs in the real world; valuation is a positive act that makes an impact on the course of events. Monetary and real phenomena are connected in a reflexive fashion; that is, they influence each other mutually. The reflexive relationship manifests itself most clearly in the use and abuse of credit. ~ George Soros

Investing is the intersection of economics and psychology. ~ Seth Klarman

The value of a business is a function of how well the financial capital and the intellectual capital are managed by the human capital. You'd better get the human capital part right. ~ Dave Bookbinder

The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism. ~ Seth Klarman

Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China. ~ James Chanos

The exchangeability that is expressed in money must inevitably have repercussions upon the quality of commodities themselves, or must interact
with it. The disparagement of the interest in the individuality of a
commodity leads to a disparagement of
individuality itself. If the two sides
to a commodity are its quality and it
s price, then it seems logically
impossible for the interest to be focused on only one of these sides: for
cheapness is an empty word if it does not imply a low price for a relative
good quality, and good quality is
an economic attraction only for a
correspondingly fair price. And yet this conceptual impossibility is psychologically real and effective.
The interest in the one side can be so
great that its logically necessary counterpart completely disappears. The
typical instance of one of these case
s is the 'fifty cents bazaar'. The
principle of valuation in the mode
rn money economy finds its clearest
expression here. It is not the commodity
that is the centre of interest here
but the price - a principle that in former times not only would have appeared shameless but would have been
absolutely impossible. It has been
rightly pointed out that the medieval town, despite all the progress it
embodied, still lacked the extensive
capital economy, and that this was the
reason for seeking the ideal of the economy not so much in the expansio ~ Georg Simmel

Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it. ~ Seth Klarman

History teaches that when valuations are extreme, "mean reversion," a move towards historical norms, is likely. Once value stocks turn, the recovery can be fast and intense. ~ Robert D. Arnott

The world is terribly apt to take people at their own valuation. ~ Amelia B. Edwards

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation. ~ Warren Buffett

It is a very high goal which, with our weak powers, we can reach only very inadequately, but which gives a sure foundation to our aspirations and valuations. ~ Albert Einstein

The ocean is full of things that would like to kill you. And other things that would ignore or not understand you, and then eventually kill you. Because they do not have the same understanding or valuation of life and death as humans. There are still other things that you would probably kill, simply because you think they are beautiful, and you want to possess beautiful things because you believe that beauty and sentience are mutually exclusive. ~ Joseph Fink

To know whether stocks are cheap or pricey, we typically look at price-to-earnings ratio. Valuation is a tougher question than many folks realize. ~ Barry Ritholtz

The strictly logical mind is usually if not always at fault in its valuations of that defiantly illogical thing known as human nature. ~ Oscar W. Firkins

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase. ~ Benjamin Graham

The hallucination of separateness prevents one from seeing that to cherish the ego is to cherish misery. We do not realize that our so-called love and concern for the individual is simply the other face of our own fear of death or rejection. In his exaggerated valuation of separate identity, the personal ego is sawing off the branch on which he is sitting, and then getting more and more anxious about the coming crash! ~ Alan Watts

I do not like measuring using soft indicators, like RTs or likes. I prefer the hardcore financial values. The ISO 10668:2010 is an international valuation standard that is very valuable if you are interested in how to measure a brand. ~ F. Marco-Serrano

In market valuation, Yahoo is worth about as much Walt Disney and the News Corporation combined. ~ Alex Berenson

Before it was usual to acquire goods in the market, not for personal consumption, but simply in order to exchange them again for the goods that were really wanted, each individual commodity was only accredited with that value given by the subjective valuations based on its direct utility. It was not until it became customary to acquire certain goods merely in order to use them as media of exchange that people began to esteem them more highly than before, on account of this possibility of using them in indirect exchange. The individual valued them in the first place because they were useful in the ordinary sense, and then additionally because they could be used as media of exchange. Both sorts of valuation are subject to the law of marginal utility. ~ Ludwig Von Mises

Since the values of the market were the highest criteria, persons also became valued as commodities which could be bought and sold. A person's worth is then his salable market value, whether it is skill or 'personality' that is up for sale. [...]
The market value, then, becomes the individual's valuation of himself, so that self-confidence and 'self-feeling' (ones experience of identity with one's self) are largely reflections of what others think of one, in this case the 'others' being those who represent the market. Thus contemporary economic processes have contributed not only to an alienation of man from man, but likewise to 'self-alienation' - an alienation of the individual from himself. As Fromm very well summarizes the point:

Since modern man experiences himself both as the seller and as the commodity to be sold on the market, his self-esteem depends on conditions beyond his control. If he is 'successful,' he is valuable; if he is not, he is worthless. The degree of insecurity which results from this orientation can hardly be overestimated. If one feels that one's own value is not constituted primarily by the human qualities one possesses, but by one's succes on a competitive market with ever-changing conditions, one's self-esteem is bound to be shaky and in constant need of confirmation by others. [Erich Fromm, Man for himself]

In such a situation one is driven to strive relentlessly for 'succes'; this is the chief way to validate ones self ~ Rollo May