Market Indices Moderately Rise ‘In Step’ This Week – VP Watchlist Stocks $ATOS $FATE $INMB Move Higher

Happy Saturday All!

I hope that all of you had a wonderful week in the markets and that you are out enjoying another summer weekend. As for the markets, we closed the week on a positive note as all indices managed to close up week over week seemingly in step. The S&P 500 closed at 4,436.52 (+.9%) a new record high & is now up 18.1% YTD & the Dow 30 closed at 35,208.51 (+.8%) at an all-time high & now is up 15% YTD, the Nasdaq closed at 14,835.76 (+1.1%) up exactly the same amount that it dropped last week & is now is up 15.1% YTD. 10 of the eleven sectors moved higher driving this widespread move, but a large gain or a gain that was greater than 1% was only seen in 2 sectors. The financials rose 3.6% & the utilities moved up 2.3%, while the consumer staples sector dropped .6% to be the lone hold out.  On the other end of the spectrum, the small caps on the Russell 2000 continued their recent positive ways and closed at 2,247.76 (+1%) and are back up +13.8% YTD. The MicroCaps joined the party too as the iShares Micro-Cap ETF (IWC) closed at $145.96, +1.5% for the week & is up 23.02% YTD.

MACRO REPORTS – YIELDS 

Many more macroeconomic reports surfaced again this week causing some to believe that the Fed may need to rethink their position on tapering their asset purchases sooner than later. I still believe that it should continue to be later. On Monday, the macroeconomic schedule delivered the July ISM Manufacturing Index report came in slightly lower at 59.5%, but still in the expansion territory. The total construction spending report confirmed a .1% month/month higher move in June. The total private construction report moved up .4% month/month. Total public construction spending dropped 1.2%. The final IHS Market Manufacturing PMI for June was confirmed at 63.4. On Tuesday, the Factory Orders report for June confirmed a rise of 1.5%. On Wednesday, the ISM Non-Manufacturing Index report for July showed a rise to 64.1% again confirming expansion again well above the Mendoza line. However, the ADP Employment Change report confirmed an estimated 330k jobs were added to private-sector payrolls in July, unfortunately substantially less than the expected 650k. The final reading for the July IHS Markit Services PMI came in slightly higher at 59.9 & the weekly MBA Mortgage Applications Index report confirmed a drop by 1.7%. On Thursday, the Initial jobless claims report for the week ending July 31 confirmed a drop by 14k to 385k & the continuing claims report for the week ending July 24 confirmed a drop by 366k to 2.930M, which is the lowest level since March 14, 2020. The trade deficit report confirmed a widening to $75.7B in June. On Friday, the July employment report revealed the Nonfarm payrolls report which showed a rise by 943k, the average hourly earnings moved up .4% m/m, the unemployment rate moved down to 5.4%, the labor force participation rate was about the same at 61.7%, & the employment-population ratio moved up to 58.4%. The Consumer credit report also confederation a move up by $37.6B in June. The wholesale inventories report showed a rise of 1.1% month/month in June.

The yield curve bounced this week, after intra-week dip, as the 10-yr yield ended up 5 basis points wk/wk to close at 1.29%, while the 2-yr moved up 2 basis points wk/wk closing at .20%. The U.S. Dollar Index moved higher from 92.14 to close at 92.79.

Next week, the macroeconomic schedule will serve the inflation report, the Unit Labor Costs report, & the Productivity.report.

VISTA STORIES YOU MAY HAVE MISSED FROM THE DOW 30

Walgreens Sees Rise In Vaccinations As COVID-19 Cases Jump In Recent Weeks

Intel Reports Q2 Earnings Beat – Expects PC Market To Keep Growing Into 2022

Apple Earnings Strongly Beat Expectations – Announces Quarterly Dividend Of $0.22

Walmart Adds Educational Benefits For Its Full & Part-Time ~1.5M Employees

Merck’s Keytruda Approved By U.S. FDA To Treat Early Breast Cancer In Combo With Chemotherapy

GREEN FAANG’s

The FAANG’s ended a little higher over the course of the week as follows: Apple (AAPL) closed at $146.14, +.19%, Amazon (AMZN) closed at $3,344.94, +.52% for the week, Alphabet (GOOG) closed at $2,740.72, +1.34% for the week, Facebook (FB) closed at $363.51, +2.02% this week & Netflix (NFLX) closed at $520.55/share, +.58%. The MicroSectors FANG+ Index 3X Leveraged ETN (FNGU), which offers 3x leveraged exposure to an index of “FANG” companies, and other companies that exhibit similar characteristics, closed at $36.39, +2.13% for the week. 

EV- TECH

Leading EV car maker Tesla (TSLA) moved higher again this week to close at $699.10, +1.73% for the week now about 10% in 2 weeks. 

Shares of Ford Motor Co. (F) ticked higher to close at $13.80, +.66% for the week.

Microsoft (MSFT) closed at $289.46, +1.6% for the week.

NVIDIA Corporation closed $203.66, 4.45% for the week, +56% YTD, after recently splitting 4-To-1 split and as the chip shortage situation seems to be raging on. 

ADT (ADT), the “most trusted brand in smart home and small business security” and Google partner closed higher this week at $9.28, off 11.53% for the week, dropping after releasing Q2 earnings and reporting that Gross recurring monthly revenue (RMR) additions grew 28%, End of period RMR of $352 million increased by 4%, Solid customer retention with attrition at 13.3%, Commercial recovery continues with improved year-over-year results, & Proactively improving capital structure to improve liquidity and address near-term debt maturities.

Cathie Wood’s ARK Innovation ETF (ARKK) moved up this week as it closed at $123.01,+2.51%.

The Technology Select Sector SPDR Fund (XLK) closed at $154.86, +.95% for the week.

BIOTECH REBOUNDS

The Nasdaq Biotechnology ETF (IBB) closed at $172.12, +3.82% for the week. The NYSE ARCA Biotech Index (^BTK) closed at 5,954.77, +3.61% for the week. The SPDR S&P Biotech ETF (XBI) closed at $127.29, +3.14%. The XBI’s 52-wk range is $100.64-$174.79.

# VP Watchlist biotech stocks moved nicely higher this week as INmune Bio, Inc. (NASDAQ: INMB) closed at $15.83, +4.01%, Fate Therapeutics (FATE) regained significant momentum this week and closed at $95.42, +15.24%, & Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical-stage biopharmaceutical company seeking to discover and develop innovative medicines in areas of significant unmet medical need with a current focus on breast cancer and COVID-19, closed at $3.38, +13.04%. 

GOLD & SILVER DOWN

Gold prices closed at $1,763, down $41 from the $1,814 close last week. This Friday silver prices closed at $24.35/oz., down $1.19 from the $25.54/oz. close last Friday and nearly a $1 in two weeks. Hecla Mining Company (NYSE: HL) closed $6.20, -7.32%. 

MEMES 

AMC Entertainment (AMC), closed at $32.70, -11.67% for the week as one started singing that the party was over as the Delta variant cases were multiplying.

GameStop (GME) closed at $151.77, -1.09%.

Virgin Galactic Holdings (SPCE) closed at $33.37, +11.27% this week.

Now infamous brokerage firm and ‘meme connoisseur’ now daily of the memes world too, Robinhood Markets, Inc., went publicly week under the ticker ‘HOOD’. Its initial public offering (IPO) of 55,000,000 shares of its Class A common stock came out at a price to the public of $38 per share. The stock proceeded to drop to a low of $33.25 then flew to high of $85 this week prior to end the week at $55.01 for a 56.5% weekly gain.  

CRYPTO

Bitcoin $BTC.X moved higher again this week breaking through the $43k level.

NEXT WEEK

The markets will enjoy another normal 5-day trading week during the second week of August. 

VP WATCHLIST UPDATES

Please review our complete VP Watchlist that includes Apple (AAPL), Disney (DIS), Tesla (TSLA) & a select group of emerging names.  The pages will allow you to learn more and keep up with these companies daily.

For now, see the summaries or five of the emerging companies from the VP Watchlist below:

Thanks again for your attention this week. Please continue to share your thoughts, questions, & ideas as we move forward. 

In the meantime, please enjoy the balance of the weekly newsletter’s videos, quotes, updates. 

Investing & Inspiration

1. “Eliminate emotion from your investment program.” -John C. Bogle

2. “Modern medical advances have helped millions of people live longer, healthier lives. We owe these improvements to decades of investment in medical research.” – Ike Skelton

3. “In every investment, before I get involved or invest, I always see what the mindset of the founder, the CEO, is.” – Zaza Pachulia
4. “An investment said to have an 80% chance of success sounds far more attractive than one with a 20% chance of failure. The mind can’t easily recognize that they are the same.” – Daniel Kahneman
5. “The return on investment in global health is tremendous, and the biggest bang for the buck comes from vaccines. Vaccines are among the most successful and cost-effective health investments in history.” – Seth Berkley
6. “Few things in the world are more powerful than a positive push. A smile. A world of optimism and hope. A ‘you can do it’ when things are tough.” – Richard M. DeVos
7. To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment.” – Ralph Waldo Emerson
8. “We all have dreams. But in order to make dreams come into reality, it takes an awful lot of determination, dedication, self-discipline, and effort.”  – Jesse Owens
9. “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward- American Writer, Born 1921
10. “Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson
11. “The secret of your future is hidden in your daily routine.” – Mike Murdock
12. “Work hard for what you want because it won’t come to you without a fight. You have to be strong and courageous and know that you can do anything you put your mind to. If somebody puts you down or criticizes you, just keep on believing in yourself and turn it into something positive.” – Leah LaBelle
13. “Opportunity is missed by most people because it is dressed in overalls and looks like work”. -Thomas A. Edison
14. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey

15. “Human behavior flows from three main sources: desire, emotion, and knowledge.” – Plato

16. “We are what our thoughts have made us; so take care about what you think. Words are secondary. Thoughts live; they travel far.” – Swami Vivekananda

17. “Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

18. “If you don’t know where you are going, any road will get you there.” – Lewis Carroll

19. “Don’t worry about being a star, worry about doing good work, and all that will come to you.” – Ice Cube

20. “It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare

21. “Prediction is very difficult, especially if it’s about the future.” – Niels Bohr

22. “It is indeed true that the stock market can forecast the business cycle.” -Paul Samuelson

23. “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too.” – Jonathan Sacks

24. “What lies behind you and what lies in front of you, pales in comparison to what lies inside of you.” – Ralph Waldo Emerson
25. “Each new generation born is in effect an invasion of civilization by little barbarians, who must be civilized before it is too late.” – Thomas Sowell
26. “Life is 10% what happens to you and 90% how you react to it.” – Charles R. Swindoll
27. “The truth is you don’t know what is going to happen tomorrow. Life is a crazy ride, and nothing is guaranteed.” – Eminem
28. “View health as an investment, not an expense.” – John Quelch

29. “Opportunity does not knock, it presents itself when you beat down the door.” – Kyle Chandler

30. “If you don’t know where you are going, any road will get you there.” – Lewis Carroll

31. “Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson

32. “That which does not kill us makes us stronger.” – Friedrich Nietzsche
33. “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
34. “A problem is a chance for you to do your best.”– Duke Ellington
35. “The best way to predict the future is to create it.” -Peter Drucker
36. “I’m involved in the stock market, which is fun and, sometimes, very painful.” – Regis Philbin
37. “Who owns the future? This is the question at the heart of every stock market.” – John Landgraf
38. “One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute.” – William Feather
39. “While I’m sure some millennials are concerned with the ethical issues involved in mining for diamonds, the main reason they steer clear of the gems is because, well, they’re a dumb investment.” – Ana Kasparian
40. “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too.” – Jonathan Sacks

41. “We must shift our thinking away from short-term gain toward long-term investment and sustainability, and always have the next generations in mind with every decision we make.” –  Deb Haaland

42. “The only way to have a friend is to be one.” –  Ralph Waldo Emerson

43. “If you believe in yourself and have dedication and pride – and never quit, you’ll be a winner. The price of victory is high but so are the rewards.” – Bear Bryant

44. “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” -Liya Kebede

45. “Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

46. “Our greatest glory is not in never falling, but in rising every time we fall.” – Confucius
47. “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes
48. “Who controls the past controls the future. Who controls the present controls the past.” – George Orwell
49. “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” – Elon Musk
50. “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward
51. “Start where you are. Use what you have. Do what you can.” – Arthur Ashe
52. “Netflix, Amazon, iTunes – whatever platforms emerge – we are looking at as having the same potential that home video had for the movie business. Which means there are entirely new opportunities to monetize our capital investment in content and do so in ways that work for distributors, for consumers and for creators.” – Bob Iger
53. “When you have no one to answer to, vendetta as investment strategy is as legitimate as anything.” – Carl Icahn
54. “No other investment yields as great a return as the investment in education. An educated workforce is the foundation of every community and the future of every economy.” – Brad Henry
55. “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
56. “Modern medical advances have helped millions of people live longer, healthier lives. We owe these improvements to decades of investment in medical research.”– Ike Skelton
57. “Stock market goes up or down, and you can’t adjust your portfolio based on the whims of the market, so you have to have a strategy in a position and stay true to that strategy and not pay attention to noise that could surround any particular investment.” – John Paulson
58. “Your mindset matters. It affects everything – from the business and investment decisions you make, to the way you raise your children, to your stress levels and overall well-being.” – Peter Diamandis
59. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
60. “Cash – in savings accounts, short-term CDs or money market deposits – is great for an emergency fund. But to fulfill a long-term investment goal like funding your retirement, consider buying stocks. The more distant your financial target, the longer inflation will gnaw at the purchasing power of your money.”  – Suze Orman
61. “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
62. “I think you have to learn that there’s a company behind every stock and there’s only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.” – Peter Lynch
63. “Historically, there has been a bull market in the commodities every 20 or 30 years.” – Jim Rogers
64. “The markets generally are unpredictable, so that one has to have different scenarios. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” – George Soros
65. “Stop trying to predict the direction of the stock market, the economy or the elections.” – Warren Buffett
66. “An important key to investing is to remember that stocks are not lottery tickets.” – Peter Lynch
67. “Learn everyday, but especially from the experiences of others. It’s cheaper!” – John Bogle
68. “When purchasing depressed stock in troubled companies, seek out the ones with the superior financial positions and avoid the ones with loads of bank debt.” – Peter Lynch
69. “No stock price is too low for bears or too high for bulls.” –  John F. Heerdink, Jr.
70. “Investment is most successful when it is most businesslike.” – Ben Graham
71. “Value stocks are about as exciting as watching grass grow, but have you ever noticed just how much your grass grows in a week?” – Christopher Browne
72. “Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.” – Benjamin Graham
73. “Individual who cannot master their emotions are ill-suited to profit from the investment process.” – Benjamin Graham
74. “I made my first investment at age eleven. I was wasting my life until then.” – Warren Buffet
75. “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.” — Warren Buffett
76. “There are only three measurements that tell you nearly everything you need to know about your organization’s overall performance: employee engagement, customer satisfaction, and cash flow. It goes without saying that no company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.” – Jack Welch, former CEO of GE
77. “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble” ― Warren Buffett
78. “If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffet
79. “How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” — Robert G. Allen
80. “It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.” – Warren Buffett
81. “A market downturn doesn’t bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.” — Warren Buffett
82. “Every once in a while, the market does something so stupid it takes your breath away.” — Jim Cramer
83. “The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” — John D. Rockefeller
84. “Know what you own, and know why you own it.” – Peter Lynch
85. “Although it’s easy to forget sometimes, a share is not a lottery ticket… it’s part ownership of a business.” – Peter Lynch

86. “Wise spending is part of wise investing. And it’s never too late to start.” – Rhonda Katz

87. “Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis

88. “Fear incites human action far more urgently than does the impressive weight of historical evidence.”
    -Jeremy Siegel

89. “With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future.” — Carlos Slim Helu
90. “If we like a business, we’re going to buy as much of it as we can and keep it as long as we can. And when we change our mind, we don’t take half measures.” – Warren Buffett
91. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
92. “Never depend on a single income, make an investment to create a second source.” Warren Buffet“Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.” ― Warren Buffett
93. “The key to making money in stocks is not to get scared out of them.” – Peter Lynch
94. “Courage taught me no matter how bad a crisis gets … any sound investment will eventually pay off.” — Carlos Slim Helu
95. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
96. “As time goes on, I get more and more convinced that the right method of investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.” — John Maynard Keynes
97. “Given a 10% chance of a 100 times payoff, you should take that bet every time.” — Jeff Bezos
98. “Money is always eager and ready to work for anyone who is ready to employ it.” ― Idowu Koyenikan
99. “The secret to investing is to figure out the value of something – and then pay a lot less.” – Joel Greenblatt
100. “We don’t have an analytical advantage, we just look in the right place.” – Seth Klarman
101. “Men, it has been well said, think in herds. It will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” – Charles Mackay
102. “It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros
103. “In investing, what is comfortable is rarely profitable.” — Robert Arnott
104. “Don’t look for the needle in the haystack. Just buy the haystack!” — John Bogle
105. “No Price is too low for a bear or too high for a bull.” — Anonymous
106. “Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future.” — Anonymous
107. “Behind every stock is a company. Find out what it’s doing.” — Peter Lynch
108. “Wise spending is part of wise investing. And it’s never too late to start.” –Rhonda Katz
109. “If there is one common theme to the vast range of the world’s financial crises, it is that excessive debt accumulation, whether by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.” — Carmen Reinhart
110. “It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.” ― Robert Shiller
111. “A bull market is like sex. It feels best just before it ends.” — Barton Biggs
112. “The investor’s chief problem — even his worst enemy — is likely to be himself.” — Benjamin Graham
113. “No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.” – Robert Rhea
114. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
115. “Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham
116. “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
117. “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
118. “Thousands of experts study overbought indicators, head-and-shoulder patterns, put-call ratios, the Fed’s policy on money supply…and they can’t predict markets with any useful consistency, any more than the gizzard squeezers could tell the Roman emperors when the Huns would attack.” – Peter Lynch
119. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
120. “Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
121. “You cannot save time for your future use however you can invest time for your future.” – John F. Heerdink, Jr. 
122. “We always live in an uncertain world. What is certain is that the United States will go forward over time.” – Warren Buffett
123. “Never test the depth of the river with both of your feet.” – Warren Buffet
124. “Know what you own, and know why you own it.” – Peter Lynch
125. “Liquidity is only there when you don’t need it.” -Old Proverb
126. “There is no such thing as no risk. There’s only this choice of what to risk, and when to risk it.” – Nick Murray
127. “If you want to be a millionaire, start with a billion dollars and launch a new airline.” – Richard Branson
128. “Fear incites human action far more urgently than does the impressive weight of historical evidence.” – Jeremy Siegel
129. “In investing, what is comfortable is rarely profitable.” – Robert Arnott
130. “Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger
131. “The entrance strategy is actually more important than the exit strategy.” – Edward Lampert
132. “The rivers don’t drink their own water; Trees don’t eat their own fruits. The sun does not shine for itself, And flowers do not spread their fragrance For themselves. Living for others is a rule of nature” – PopeFrancis
133. “It is impossible to produce superior performance unless you do something different from the majority.” – John Templeton
134. “Inaction and patience are almost always the wisest options for investors in the stock market.” – Guy Spier
135. “Remember that the stock market is a manic depressive.”  – Warren Buffett
136. “An investment in knowledge pays the best interest.” – Benjamin Franklin
137. “I believe the returns on investment in the poor are just as exciting as successes achieved in the business arena, and they are even more meaningful!” -Bill Gates
138. “Every portfolio benefits from bonds; they provide a cushion when the stock market hits a rough patch. But avoiding stocks completely could mean your investment won’t grow any faster than the rate of inflation.” – Suze Orman
139. “The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital… the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth in the economy.” – John F. Kennedy
140. “If all the economists were laid end to end, they’d never reach a conclusion.
     -George Bernard Shaw
141. “The riskiest thing we can do is just maintain the status quo. I get up at 4:30 in the morning, seven days a week, no matter where I am in the world. I think it is important for people who are given leadership roles to assume that role immediately. What I’ve really learned over time is that optimism is a very, very important part of leadership.” – Bob Iger, Former Ceo of Disney
142. “In the short run, the market is a voting machine. But in the long run, it is a weighing machine.” – Ben Graham
143. “In investing, what is comfortable is rarely profitable.” -Robert Arnott
144. “The fundamental law of investing is the uncertainty of the future.” -Peter Bernstein
145. “How many millionaires do you know who have become wealthy by investing in savings accounts?” -Robert G Allen
146. “Greed is all right, by the way. I think greed is healthy. You can be greedy and still feel good about yourself.”-Ivan Boesky
147. “Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.” -Bruce Kovner
148. “The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru
149. “I talk about macro themes a lot because they are fun to talk about, but it is the risk management that is the most important thing. The risk control is all bottom-up. I structured the business right from the get-go so that we would have lots of diversification.” -Michael Platt
150. “Blaming speculators as a response to financial crisis goes back at least to the Greeks. It’s almost always the wrong response.” -Larry Summers