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Today at a Glance:
Lesson From the Book: The Most Important Thing
Tweet: 25 Investing Truths
Quote from Philip Fisher
Snippets: Benefits of doing Nothing, Best Investing Book and Investing Decision Paralysis
“The worst loans are made at the best of times.” (From the Book)
Look around the next time there’s a crisis; you’ll probably find a lender. Overpermissive providers of capital frequently aid and abet financial bubbles. There have been numerous recent examples where loose credit contributed to booms that were followed by famous collapses: real estate in 1989– 1992; emerging markets in 1994– 1998; Long- Term Capital Management in 1998; the movie exhibition industry in 1999– 2000; venture capital funds and telecommunications companies in 2000– 2001. In each case, lenders and investors provided too much cheap money and the result was overexpansion and dramatic losses.
“If you build it, they will come.” In the financial world, if you offer cheap money, they will borrow, buy and build— often without discipline, and with very negative consequences.
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“My stocks sometimes get overpriced, but in the long run this kind of company, if you can find it, will outperform the market and the economy. The worst thing you can do is try to catch the swings, sell out too soon and be afraid to buy back in.”
- Philip Fisher