Small Caps Lead Markets During Thursday’s Bullish Session – $AAPL $ATOS $FATE $INM $INMB Move Higher

Happy Thursday!

I hope that all of you had a another good day in the markets as it was generally a bullish day with all indices ending in the green. The small caps on the Russell 2000 again led all closing higher at 2,304.02 (+.74%) & the MicroCaps also continued with significant gains as the iShares Micro-Cap ETF (IWC) closed at $150.69, (+.69%) and is now nearing its yearly high of $159.56. 

The large cap indices also ended in positive territory with the Nasdaq advancing to close at 15,331.18 (+.14%), the S&P 500 edged higher at 4,536.95 (+.28%), & the Dow 30 closed higher at 35,443.82 (+.37%). Leading all sectors, the energy sector jumped 2.5% in concert with oil prices which closed at $69.96/bbl up 2.1%. The industrials also added 1%, while 3 sectors closed in the red including: the communication services that dropped by .7%, the information technology sector slipped by .1%, & the consumer discretionary sector that equally fell by .1%. 

The macroeconomic schedule was busy once again and delivered the initial claims report for the week ending August 28 which confirmed a drop by 14k to 340k , while continuing claims for the week ending August 21 fell by 160k to 2.748M. The trade deficit for July came in to $70.1B  The factory orders for manufactured goods report showed a rise by .4% M/M in July. The Q2 productivity report was lowered to 2.1%. Tomorrow’s schedule will produce the Employment Situation Report for August, the ISM Non-Manufacturing Index report for August, and the final IHS Markit Services PMI report for August.

The yield curve stayed on course again today, as the 10-yr treasury yield closed down 1-basis point at 1.29%, while the 2-yr yield was flat at .21%. The U.S. Dollar Index edged slightly lower at 92.23.

Gold prices closed lower at $1,816, -$4 and silver closed at $23.94, -$.25.

BIOTECH CONTINUES…

It was ‘game on’ again for the biotech sector as several issues were catching a bid widely. M&A certainly seems to be back into the equation and it is reflecting in the liquidity and the bidding up of a much wider group of stocks. The SPDR S&P Biotech ETF (XBI) closed at $136.53, +1.07%. The iShares Nasdaq Biotechnology ETF (IBB) closed at $176. +1.11% & the NYSE ARCA Biotech Index (^BTK) closed at 6,019.57, +.61%.

According to Bloomberg, Baxter International Inc. (BAX), $81.06, +4.84% is buying medical equipment maker Hill-Rom Holdings Inc. (HRC, $151, +4.65%) for $10.5B in cash a month. Baxter offered to acquire the medical equipment maker for $156 a share, a 7.5% premium from its close on Wednesday. The total enterprise value of the purchase, including debt, is $12.4B, the companies said Thursday in a statement.

TECH MOVES 

Apple (AAPL) closed at $153.65, +.75% another record closing high while announcing concessions for some large developers on its App Store regarding commissions. Alphabet (GOOG) closed at 2,884.38, -1.11% & Facebook (FB) closed at $375.28, -1.77%. Amazon (AMZN) closed at $3,463.12, -.46%, Microsoft (MSFT) closed at $301.15, -.23% & Tesla (TSLA) closed at $732.29, -.23%.

On Wednesday, Private equity firm Apollo Global Management announced that it has completed its acquisition of Yahoo (formerly known as Verizon Media Group, itself formerly known as Oath) from Verizon. The deal is worth $5B, with $4.25B in cash, plus preferred interests of $750 million. Verizon will be retaining 10% of the newly rebranded company.

Broadcom Inc. (Nasdaq: AVGO, $491, -.26%), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its third quarter of fiscal year 2021, ended August 1, 2021, provided guidance for the fourth quarter of its fiscal year 2021 and announced its quarterly dividends. “Broadcom delivered record revenues in the third quarter reflecting our product and technology leadership across multiple secular growth markets in cloud, 5G infrastructure, broadband, and wireless. We are projecting the momentum to continue in the fourth quarter.” Hock Tan, President and CEO of Broadcom Inc. Revenue came in at $6,778 million for the third quarter, up 16 percent from the prior year period. GAAP net income came in at $1,876 million for the third quarter; Adjusted EBITDA of $4,123 million for the third quarter. GAAP diluted EPS came in at $4.20 for the third quarter; Non-GAAP diluted EPS came in at $6.96 for the third quarter. The reported $3,426 million of free cash flow from operations for the third quarter, defined as cash from operations of $3,541 million less capital expenditures of $115 million. The also see a Quarterly common stock dividend of $3.60 per share.

MEMES WATCH

AMC Entertainment (AMC) closed at $44.38, +1.58% a day after a sell side analyst, Macquarie analyst Chad Beynon

The “AMC apes” were quick to shred the downgrade of their favorite company on Twitter from Macquarie’s Chad Beynon slashed his rating to Underperform and stated “It has been a pretty difficult time [to cover AMC]. The AMC story is really momentum and technically driven, and a lot of the leaders of this [AMC] following have highlighted this is a really good time from a technical standpoint. A lot of people are calling for a breakout. Some believe that the stock can get to $100. Some believe it could get to $100,000.” Beynon didn’t went on to point out that he believes the fair value for AMC is $6 a share, or more than 80% from current levels. 

GameStop (GME) also closed at $213.52, +.26%. 

Virgin Galactic Holdings (SPCE) closed at $25.99, -2.99%. 

Shares of infamous ‘meme brokerage’ firm Robinhood Markets, Inc., (HOOD) closed at $44.49, -.18%. HOOD is aiming to introduce an early deposit feature to compete with the liked of the PayPal (PYPL, $285.53, -.43%).

Shares of Seanergy Maritime Holdings Corp. (SHIP) closed at $1.31, +7.38%.  SHIP, the only pure-play Capesize ship-owner publicly listed in the US, recently announced that its Board of Directors has authorized a share repurchase plan. Under the Plan, the Company may repurchase up to $17 million of its outstanding common shares, representing approximately 10% of the Company’s market capitalization as of August 10, 2021. 

Economic Reports

• On Monday, the macroeconomic schedule delivered  the Pending Home Sales report that confirmed a drop by 1.8% month/month in July. 
• On Tuesday,  the Conference Board’s Consumer Confidence Index report confirmed a drop to 113.8 in August. The Chicago PMI report for August showed a drop to 66.8. The S&P Case-Shiller Home Price Index report confirmed rise to 19.1% Y/Y in June. The FHFA Housing Price Index report showed a rise by 1.6% M/M in June.
• On Wednesday, the August ISM Manufacturing Index came in basically in line at 59.9%. The total construction spending report confirmed a rise by .3% M/M in July & the total private construction report showed a rise of .3% M/M while total public construction spending rose by .7% & up 9% on Y/Y basis. The ADP Employment Change report confirmed estimates of 374k jobs were added to private-sector payrolls in August significantly below expectations.  Total construction spending rose .3% M/M in July & the final IHS Market Manufacturing PMI for August cam in at 61.1 lower than the preliminary reading.
• On Thursday, the initial claims report for the week ending August 28 confirmed a drop by 14k to 340k , while continuing claims for the week ending August 21 fell by 160k to 2.748M. The trade deficit for July came in to $70.1B  The factory orders for manufactured goods report showed a rise by .4% M/M in July. The Q2 productivity report was lowered to 2.1%.

Investing & Inspiration

1. “Put your heart, mind, and soul into even your smallest acts. This is the secret of success.” – Swami Sivananda
2. “I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” – Jimmy Dean
3. “Companies have too many experts who block innovation. True innovation really comes from perpendicular thinking.” – Peter Diamandis
4. “By failing to prepare, you are preparing to fail.” – Benjamin Franklin
5. “We cannot solve our problems with the same thinking we used when we created them.” – Albert Einstein
6. “When you’re an investor, you can look at the quantitative and qualitative elements of an investment, but there’s a third aspect: What you feel in your gut.” – Kevin O’Leary
7. “Set your course by the stars, not by the lights of every passing ship.” – Omar N. Bradley
8. “Do not take life too seriously. You will never get out of it alive.” – Elbert Hubbard
9. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey 
10. “Every good painter paints what he is.” – Jackson Pollock
11. “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
12. “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
13. “You cannot have a positive life and a negative mind.” – Joyce Meyer 
14. “Like wildebeest and zebra migration across the Serengeti, investment managers and consultants, too, have a habit of running together and, every now and then, changing direction.” – Sanjaya Baru
15. “If people are anything but enthusiastic about the information or ideas that they’re sharing, they’re either not that invested in what they’re doing – or they’re not communicating that investment effectively.” – Ana Kasparian 
16. “Life consists not in holding good cards but in playing those you hold well.” – Josh Billings 
17. “Friend, there’s no greater investment in life than in being a people builder. Relationships are more important than our accomplishments.” – Joel Osteen
18. “It’s only natural that the heavy users help contribute to the investment to keep the Web healthy. That is the most important concept of net neutrality.” – Lowell McAdam
19. “The more sand that has escaped from the hourglass of our life, the clearer we should see through it.” – Jean Paul 

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

21. “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
22. “In every investment, before I get involved or invest, I always see what the mindset of the founder, the CEO, is.” – Zaza Pachulia
23. “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
24. “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
25. “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
26. “To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment.” – Ralph Waldo Emerson
27. “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
28. “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward- American Writer, Born 1921
29. “Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson
30. “The secret of your future is hidden in your daily routine.” – Mike Murdock
31.  “If somebody puts you down or criticizes you, just keep on believing in yourself and turn it into something positive.” – Leah LaBelle
32. “Opportunity is missed by most people because it is dressed in overalls and looks like work”. -Thomas A. Edison
33. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey

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

35. “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
36. “Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

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

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

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

40. “Prediction is very difficult, especially if it’s about the future.” – Niels Bohr (Danish Physicist)

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

42. “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

43. “What lies behind you and what lies in front of you, pales in comparison to what lies inside of you.” – Ralph Waldo Emerson
44. “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
45. “Life is 10% what happens to you and 90% how you react to it.” – Charles R. Swindoll
46. “The truth is you don’t know what is going to happen tomorrow. Life is a crazy ride, and nothing is guaranteed.” – Eminem

47. “View health as an investment, not an expense.” – John Quelch

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

49. “If you don’t know where you are going, any road will get you there.” – Lewis Carroll
50. “Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson
51. “That which does not kill us makes us stronger.” – Friedrich Nietzsche
52. “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
53. “A problem is a chance for you to do your best.”–  Duke Ellington
54. “The best way to predict the future is to create it.” -Peter Drucker
55. “I’m involved in the stock market, which is fun and, sometimes, very painful.” – Regis Philbin
56. “Who owns the future? This is the question at the heart of every stock market.” – John Landgraf
57. “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
58. “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
59. “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 Sack
60. “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
61. “The only way to have a friend is to be one.” –  Ralph Waldo Emerson
62. “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

63. “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

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

65. “Our greatest glory is not in never falling, but in rising every time we fall.” – Confucius

66. “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes
67. “Who controls the past controls the future. Who controls the present controls the past.” – George Orwell
68. “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
69. “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward
70. “Start where you are. Use what you have. Do what you can.” – Arthur Ashe
71. “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

72. “When you have no one to answer to, vendetta as investment strategy is as legitimate as anything.” – Carl Icahn

73. “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
74. “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

75. “Modern medical advances have helped millions of people live longer, healthier lives.

76. We owe these improvements to decades of investment in medical research.”– Ike Skelton

77. “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

78. “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
79. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
80. “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
81. “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
82. “Historically, there has been a bull market in the commodities every 20 or 30 years.” – Jim Rogers
83. “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
84. “Stop trying to predict the direction of the stock market, the economy or the elections.” – Warren Buffett
85. “An important key to investing is to remember that stocks are not lottery tickets.” – Peter Lynch
86. “Learn everyday, but especially from the experiences of others. It’s cheaper!” – John Bogle
87. “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
88. “No stock price is too low for bears or too high for bulls.” – John F. Heerdink, Jr.

89. “Investment is most successful when it is most businesslike.” – Ben Graham

90. “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

91. “Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.” – Benjamin Graham
92. “Individual who cannot master their emotions are ill-suited to profit from the investment process.” – Benjamin Graham
93. “I made my first investment at age eleven. I was wasting my life until then.” – Warren Buffet
94. “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.” — Warren Buffett
95. “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
96. “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble” ― Warren Buffett
97. “If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffet
98. “How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” — Robert G. Allen
99. “It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.” – Warren Buffett
100. “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
101. “Every once in a while, the market does something so stupid it takes your breath away.” — Jim Cramer
102. “The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” — John D. Rockefeller
103. “Know what you own, and know why you own it.” – Peter Lynch
104. “Although it’s easy to forget sometimes, a share is not a lottery ticket… it’s part ownership of a business.” – Peter Lynch
105. “Wise spending is part of wise investing. And it’s never too late to start.” – Rhonda Katz

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

107. “Fear incites human action far more urgently than does the impressive weight of historical evidence.”
     -Jeremy Siegel
108. “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
109. “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

110. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel

111. “Never depend on a single income, make an investment to create a second source.” Warren Buffet

112. “Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.”
     ― Warren Buffett
113. “The key to making money in stocks is not to get scared out of them.” – Peter Lynch
114. “Courage taught me no matter how bad a crisis gets … any sound investment will eventually pay off.” — Carlos Slim Helu
115. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
116. “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
117. “Given a 10% chance of a 100 times payoff, you should take that bet every time.” — Jeff Bezos
118. “Money is always eager and ready to work for anyone who is ready to employ it.” ― Idowu Koyenikan
119. “The secret to investing is to figure out the value of something – and then pay a lot less.” – Joel Greenblatt
120. “We don’t have an analytical advantage, we just look in the right place.” – Seth Klarman
121. “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
122. “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
123. “No Price is too low for a bear or too high for a bull.” — Anonymous
124. “Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future.” Anonymous
125. “Behind every stock is a company. Find out what it’s doing.” — Peter Lynch
126. “Wise spending is part of wise investing. And it’s never too late to start.” –Rhonda Katz
127. “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
128. “A bull market is like sex. It feels best just before it ends.” — Barton Biggs
129. “The investor’s chief problem — even his worst enemy — is likely to be himself.” — Benjamin Graham
130. “No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.” – Robert Rhea
131. “Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham
132. “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
133. “Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results” — Warren Buffett
134. “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
135. “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
136. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
137. “You cannot save time for your future use however you can invest time for your future.” – John F. Heerdink, Jr. 
138. “Know what you own, and know why you own it.” – Peter Lynch
139. “Liquidity is only there when you don’t need it.” -Old Proverb
140. “If you want to be a millionaire, start with a billion dollars and launch a new airline.” – Richard Branson
141. “Fear incites human action far more urgently than does the impressive weight of historical evidence.” – Jeremy Siegel
142. “In investing, what is comfortable is rarely profitable.” – Robert Arnott
143. “Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger
144. “The entrance strategy is actually more important than the exit strategy.” – Edward Lampert
145. “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” – Pope Francis
146. “It is impossible to produce superior performance unless you do something different from the majority.” – John Templeton
147. “An investment in knowledge pays the best interest.” – Benjamin Franklin.
148. “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
149. “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
150. “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
151. “If all the economists were laid end to end, they’d never reach a conclusion. -George Bernard Shaw
152. “There are old traders and there are bold traders, but there are very few old, bold traders.”-Ed Seykota
153. “Let this scenario play out on its own, in its own fashion. As you watch it unfold, you will soon be grateful that you choose the peaceful path. Remember — those who live by the sword, die by the sword.”
154. “As long as you enjoy investing, you’ll be willing to do the homework and stay in the game.” -Jim Cramer
155. “I rarely think the market is right. I believe non-dividend stocks aren’t much more than baseball cards. They are worth what you can convince someone to pay for it.” -Mark Cuban
156. “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
157. “The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru
158. “The only true test of whether a stock is “cheap” or “high” is not its current price in relation to some former price, no matter how accustomed we may have become to that former price, but whether the company’s fundamentals are significantly more or less favorable than the current financial-community appraisal of that stock.” -Philip Fisher
159. “I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.” -Richard Dennis
160. “The four most dangerous words in investing are: ‘this time it’s different.” -Sir John Templeton
161. “Money doesn’t make you happy. I now have $50 million but I was just as happy when I had $48 million.” -Arnold Schwarzenegger