QUOTES

 

 

“If you’re going to be an investor, you’re going to make some investments where you don’t have all the experience you need. But if you keep trying to get a little better over time, you’ll start to make investments that are virtually certain to have a good outcome. The keys are discipline, hard work, and practice. It’s like playing golf—you have to work on it.” –Charlie Munger

 

 

 

 

 

"As fewer and fewer people have confidence in paper as a store of value, the price of gold will continue to rise. The history of fiat money is little more than a register of monetary follies and inflations. Our present age merely affords another entry in this dismal register."

Hans F. Sennholz

 

 

“The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.”

“Adam Smith” aka George Goodman.

 

 

 

 
"For more than two thousand years gold's natural qualities made it man's universal medium of exchange. In contrast to political money, gold is honest money that survived the ages and will live on long after the political fiats of today have gone the way of all paper."

Hans F. Sennholz
 

 

 "Until government administrators can so identify the interests of government with those of the people and refrain from defrauding the masses through the device of currency depreciation for the sake of remaining in office, the wiser ones will prefer to keep as much of their wealth in the most stable and marketable forms possible - forms which only the precious metals provide."

Elgin Groseclose 

 

 

 

 
"Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money."

Daniel Webster

 

 

 
“Those who don't know history are destined to repeat it.”

Edmund Burke

 

 

 

From Warren Buffett’s 2010 FCIC testimony, when asked why he sold his shares in Freddie Mac and Fannie Mae in the year 2000:

I was concerned about the management at both Freddie Mac and Fannie Mae although our holdings were concentrated in Freddie Mac. They were trying to and proclaiming that they could increase earnings per share in some low double digit range or something of the sort. And any time a large financial institution starts promising regular earnings increases you’re going to have trouble. It isn’t given to man to be able to run a financial institution where different interest rates scenarios will prevail and all of that comes to produce smooth regular earnings from a very large base to start with. So if people are thinking that way they’re going to do things maybe in accounting it’s turned out to be the case in both Freddie and Fannie but also in operations that I would regard as unsound. I don’t know when it’ll happen, I don’t even know for sure if it’ll happen. It will happen eventually if they keep up that policy and so, we, or I just decided to get out.