Mizuho Securities Quotes

We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. ~ Benjamin Graham

Securities, certitudes and peace do not lead to discoveries. ~ Carl Jung

There is no useful information contained in historical price movements of securities. ~ Louis Bachelier

I am most often irritated by those who attack the bishop but somehow fall for the securities analyst
those who exercise their skepticism against religion but not against economists, social scientists, and phony statisticians. Using the confirmation bias, these people will tell you that religion was horrible for mankind by counting deaths from the Inquisition and various religious wars. But they will not show you how many people were killed by nationalism, social science, and political theory under Stalin or during the Vietnam War. Even priests don't go to bishops when they feel ill: their first stop is the doctor's. But we stop by the offices of many pseudoscientists and "experts" without alternative. We no longer believe in papal infallibility; we seem to believe in the infallibility of the Nobel, though ... ~ Nassim Nicholas Taleb

Once I really got into securities fraud prosecutions, I came to realize how central they were to the maintenance of a free market and how, in many ways, they are far more important to the welfare of our society than many of the more sensational criminal cases that one hears about. ~ Jed S. Rakoff

I put heavy weight on certainty. It's not risky to buy securities at a fraction of what they're worth. ~ Warren Buffett

Let us assume that a man gets half his income in the form of interest-bearing securities and half in the form of money; and that he is in the habit of saving three-quarters of his income, and does this by retaining the securities and using that half of his income which he receives in cash in equal parts for paying for current consumption and for the purchase of further securities. Now let us assume that a variation in the composition of his income occurs, so that he receives three-quarters of it in cash and only one-quarter in securities. From now on this man will use two-thirds of his cash receipts for the purchase of interest-bearing securities. If the price of the securities rises or, which is the same thing, if their rate of interest falls, then in either case he will be less willing to buy and will reduce the sum of money that he would otherwise have employed for their purchase; he is likely to find that the advantage of a slightly increased reserve exceeds that which could be obtained from the acquisition of the securities. In the second case he will doubtless be inclined to pay a higher price, or more correctly, to purchase a greater quantity at the higher price, than in the first case. But he will certainly not be prepared to pay double as much for a unit of securities in the second case as in the first case. ~ Ludwig Von Mises

$16 billion in complex securities whose value ultimately turned on the ability of a Las Vegas stripper with five investment properties, or a Mexican strawberry picker with a single $750,000 home, to make rapidly rising interest payments. ~ Michael Lewis

What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them. ~ Matt Taibbi

He described the securities - called Abacus - to a girlfriend: I had some input into the creation of this product (which by the way is a product of pure intellectual masturbation, the type of thing which you invent telling yourself 'Well, what if we created a "thing," which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?').15 ~ John Kay

The right and the physical power of the people to resist injustice, are really the only securities that any people ever can have for their liberties. Practically no government knows any limit to its power but the endurance of the people. ~ Lysander Spooner

And to whom were these bundles of unrecognizably mashed-up mortgages ultimately sold? Quite often, to you and me. Our pension funds, municipalities, and money-market accounts were made up largely of these mortgage-backed securities. ~ Douglas Rushkoff

The notion of mental accounts is absent in traditional economic theory, which holds that wealth in general, and money in particular, should be fungible: That is, $100 in roulette winnings, $100 in salary, and a $100 tax refund should have the same significance and value to you, since each C-note could buy the same number of downloads from iTunes or the same number of burgers at McDonald's. Likewise, $100 kept under the mattress should invoke the same feelings or sense of wealth as $100 in a bank account or $100 in U.S. Treasury securities (ignoring the fact that money in the bank, or in T-bills, is safer than cash under the bed). If money and wealth are fungible, there should be no difference in the way we spend gambling winnings or salary. ~ Gary Belsky

The security (emotional security, spiritual security, intrapersonal security) that you think being thin or lean will provide you is just an illusion. Leanness and weight-loss will not deliver these securities to you. ~ Scott Abel

Mortgage securities. Pooled together from thousands of mortgages around the United States, these bonds are issued by agencies like the Federal National Mortgage Association ("Fannie Mae") or the Government National Mortgage Association ("Ginnie Mae"). However, they are not backed by the U.S. Treasury, so they sell at higher yields to reflect their greater risk. Mortgage bonds generally underperform when interest rates fall and bomb when rates rise. (Over the long run, those swings tend to even out and the higher average yields pay off.) Good mortgage-bond funds are available from Vanguard, Fidelity, and Pimco. But if a broker ever tries to sell you an individual mortgage bond or "CMO," tell him you are late for an appointment with your proctologist. ~ Benjamin Graham

Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry. ~ Arthur Levitt

Company may not a) trade in stock or other securities while in possession of material nonpublic information or b) pass on material nonpublic information to others without express authorization by the Company or recommend to others that they trade in stock or other securities based on material nonpublic information. The Company has adopted guidelines designed to implement this policy. All employees are expected to review ~ Anonymous

Why should the court impose a judgment in a case in which the SEC alleges a serious securities fraud, but the defendant neither admits nor denies wrongdoing? ~ Jed S. Rakoff

It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole. ~ Arthur Levitt

Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work. ~ Benjamin Graham

Buffett's uncommon urge to chronicle made him a unique character in American life, not only a great capitalist but the Great Explainer of American capitalism. He taught a generation how to think about business, and he showed that securities were not just tokens like the Monopoly flatiron, and that investing need not be a game of chance. It was also a logical, commonsensical enterprise, like the tangible businesses beneath. He stripped Wall Street of its mystery and rejoined it to Main Street
a mythical or disappearing place, perhaps, but one that is comprehensible to the ordinary American. ~ Roger Lowenstein

I've got a huge, huge position in mortgage-backed securities. I started accumulating them in 2009, when the market was really down and things were really scary. ~ Jeff Greene

Hamilton used the sinking fund to maintain the confidence of creditors in the government's securities; he had no intention of paying off the outstanding principal of the debt. Retiring the debt would only destroy its usefulness as money and as a means of attaching investors to the federal government. ~ Gordon S. Wood

To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated with each other. One hundred securities whose returns rise and fall in near unison afford little protection than the uncertain return of a single security. ~ Harry Markowitz

Caution is crediting, and reserve in speaking, and in revealing one's self to but very few, are the best securities both of a good understanding with the world, and of the inward peace of our own minds. ~ Thomas A Kempis

The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business and invest it in tax-exempt securities or to find other lawful methods of avoiding the realization of taxable income. The result is that the sources of taxation are drying up; wealth is failing to carry its share of the tax burden; and capital is being diverted into channels which yield neither revenue to the Government nor profit to the people. ~ Andrew Mellon

If nobody can sell mortgage-backed securities based on trillions of dollars of unpayable instruments, there's a lot less risk in the overall system. ~ Elizabeth Warren

The idea, in the wake of the savings-and-loans disaster, was to spread risk outward from those immediately involved in lending to mortgage borrowers and to attract investors by turning mortgages into securities that offered a wide range of yield-risk profiles. And it worked. In 1980, 67 percent of American mortgages had been held directly on the balance sheets of depository banks. By the end of the 1990s, the risks involved in America's system of long-term, fixed interest, easy repayment mortgages were securitized and spread across a much wider segment of the financial system ~ Adam Tooze

From an asset-allocation perspective, when we talk about diversification, we're talking about investing in multiple asset classes. There are six that I think are really important and they are US stocks, US Treasury bonds, US Treasure inflation-protected securities [TIPS], foreign developed equities, foreign emerging-market equities and real estate investment trusts [REITS]. p473 ~ Tony Robbins

Make the financial industry pay for its mistakes. That's the idea behind the best of the Obama administration's reform proposals: If banks issue securities backed by mortgages, say, then require them to hold some of that paper so that they will bear some of the losses. ~ David Ignatius

I found that options traders - the Amex was mainly an options exchange - routinely conspired to keep as wide as possible the spreads between the prices investors paid and the prices floor traders paid for the same securities. ~ Gary Weiss

We began the show by asking: Who did more for the world, Michael Milken or Mother Teresa?
This seems like a no-brainer. Milken is the greedy junk-bond king. One year, his firm paid him $550 million. Then he went to jail for breaking securities laws. Mother Teresa is the nun who spent her lifetime helping the poor and died without a penny. Her good deeds live on even after her death; several thousand sisters now continue the charities she began. At first glance, of course Mother Teresa did more for the world.
But it's not so simple. Milken's selfish pursuit of profit helped a lot of people, too. Think about it: By pioneering a new way for companies to raise money, Milken created millions of jobs. The ignorant media sneered at 'junk bonds', but Milken's innovative use of them meant exciting new ideas flourished.
We now make calls on a national cellular network established by a company called McCaw Cellular, which Milken financed. And our calls are cheaper because Milken's junk bonds financed MCI. CEO Bill McGowan simply couldn't get the money anywhere else. Without Milken, MCI wouldn't have grown from 11 to 50,000 employees. CNN's 24-hour news and Ted Turner's other left-wing ventures were made possible by Milken's 'junk'.
The world's biggest toy company, Mattel, the cosmetics company Revlon, and the supermarket giant Safeway were among many rescued from bankruptcy by Milken's junk bonds. He financed more than 3,000 companies, including what are now Barnes & ~ John Stossel

In the United States, securities markets are much more developed than they are in Europe. ~ Robert C. Solomon

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand. ~ Benjamin Graham

The ending to this scene, I know it. Sirix will fail to return and Serena will still continue to wait. Even though this is repeated multiple times, Sirix will still fail to return. Even though this is repeated multiple times, Serena will still have to wait. I know....History won't change. ~ Mizuho Kusanagi

The idea was to reinvent mortgages by bundling thousands of them together as the backing for new and alluring securities that could be sold as alternatives to traditional government and corporate bonds - in short, to convert mortgages into bonds. ~ Niall Ferguson

The spiritual task of life is to feed hope. Hope is not something to be found outside of us. It lies in the spiritual life we cultivate within. The whole purpose of wrestling with life is to be transformed into the self we are meant to become, to step out of the confines of our false securities and allow our creating God to go on creating. In us. ~ Joan D. Chittister

[Fall, 1951]

To me Acapulco is the detoxicating cure for all the evils of the city: ambition, vanity, quest for success in money, the continuous contagious presence of power-driven, obsessed individuals who want to become known, to be in the limelight, noticed, as if life among millions gave you a desperate illness, a need of rising above the crowd, being noticed, existing individually, singled out from a mass of ants and sheep. It has something to do with the presence of millions of anonymous faces, anonymous people, and the desperate ways of achieving distinction. Here, all this is nonsense. You exist by your smile and your presence. You exist for your joys and your relaxations. You exist in nature. You are part of the glittering sea, and part of the luscious, well-nourished plants, you are wedded to the sun, you are immersed in timelessness, only the present counts, and from the present you extract all the essences which can nourish the senses, and so the nerves are still, the mind is quiet, the nights are lullabies, the days are like gentle ovens in which infinitely wise sculptor's hands re-form the lost contours, the lost sensations of the body. The body comes to life. Quests, pursuits of concrete securities of one kind or another lose all their importance. As you swim, you are washed of all the excrescences of so-called civilization, which includes the incapacity to be happy under any circumstances. ~ Anais Nin

The true secret of success in the investment and speculative world is not so much which good securities to buy, but rather which investments to avoid. ~ Morton Shulman

Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine of that it is a positive virtue on the part of investment institutions to concentrate their resources upon the holding of 'liquid' securities. It forgets that there is no such thing as liquidity of investment for the community as a whole. ~ John Maynard Keynes

The securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information. ~ Ron Chernow

You normally don't get a margin call unless your securities, minus the debt, are worth 30% or less of their nominal market value. ~ Jane Bryant Quinn

We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets. ~ Warren Buffett

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. ~ Benjamin Graham

We certainly had an upheaval at the start of the Great Depression, and that resulted in a lot of financial reform, but it wasn't done in one stroke, and it wasn't done immediately. The Depression was in 1929 and resulted in the Securities and Exchange Act of '33, '34, '35, '37, '39, and '41. ~ Lloyd Blankfein

Risk managers and investment bankers and actually, all kinds of investors took on more risk than they expected. So there was a failure of risk management. There was a failure to recognize how much risk there was in some of these securities that people bought. ~ Robert F. Engle

If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled. ~ Benjamin Graham

Benefits are rarely made public in filings with the Securities and Exchange Commission, where companies must report the pay and options that their five highest-paid executives receive. ~ Alex Berenson