Emperor 1510 (MWE Lab) – Hand built PC Workstation Ultimate, which will set you back £30,000.
■ State of the art home office has touch screen and three 27" LED screens ■ More reasonably priced versions still cost the same as a new family car ■ Designers say they are already being used by Microsoft and US Marines
Fifty per cent of making money from the share market is not picking the best stocks, it is avoiding the bad stocks. So why does everyone spend 100 per cent of their efforts finding good stocks?
■ Pick all the weeds and you are left with the flowers. Pick all the flowers and you get left with the weeds. Pick the weeds. A small weed is the best weed. ■ If you want to achieve the same returns as the share market, you also have to trade out of the losers and replenish with winners. Of course, the index will do that in a virtual world without fees. In other words, index returns are a bit of a fantasy and accumulation indices that compound dividends are even more fantastic. No wonder your fund manager under performs. The index does not have to pay for an office. ■ Bear markets start and bull markets end when the market says so, but it will only become obvious in hindsight and too late, and by then it will be so obvious you will look stupid for being late. ■ If you have a mortgage, every dollar you lose goes on your debt and you pay interest on it, possibly for 20 years. On that basis, with interest rates at 5 per cent for the next 20 years (generous assumption), every dollar you lose actually costs you $2.50. ■ Don't buy a portfolio, buy stocks, and one day your portfolio will miraculously reappear. ■ You will make more money guessing what everyone doesn't know about a stock than you will ever make finding out what everyone knows about a stock. The unexpected moves share prices, not the consensus, so concentrate on the unexpected. That is where the money is. ■ A diversified portfolio of 20 stocks you ignore is more risky than a portfolio with one stock you know everything about. ■ You cannot do it the Warren Buffett Way or there would be a fund manager doing it, we would all be invested and we would all be billionaires. Quite simply, Buffett is free marketing for financial products, it is not reality. ■ The market falls three times as fast as it rises because, as an academic behavioural finance paper once concluded, losses have three times the emotional impact of a gain. Fear is a bigger driver than confidence and ''it takes five minutes to be fearful, but you can't get confident in five minutes''. ■ Share markets rise slowly and fall quickly. You have to react quickly to losses. In a bull market, you have time. In a bear market, you don't. ■ If you ever find yourself standing up and punching the air in delight, it means ''sell''. ■ There is only one thing a falling share price tells you and it is not ''BUY ME''. ■ In a bull market the core virtue is ''participation''. In a bear market the core virtue is ''non-participation''. ■ In a bull market you are a sophisticated investor. In a bear market all professional financial advisers are idiots. ■ Bear markets end when the headlines are terrible. Bull markets end when the headlines are euphoric. ■ Murphy's law of the share market: The average loss is inexplicably bigger than the average profit. ■ Murphy's law of stockbroking: Errors always go precipitously against you. ■ The only effortless way to get rich is to be born rich. The problem is you only get one shot at it and people seemingly far less capable than yourself always seem to succeed at it. ■ Be nice to your children. They will be the first generation of future investors who have no recollection of the 2008 financial crisis and the next generation capable of a bout of irrational exuberance. It will be these delicate little cherubs who eventually pay top dollar for your assets. Nurture them. ■ The best advice no one ever gave me: If faced with two equally attractive potential mating partners for life, marry the rich one.
Irv Gordon is someone who knows and respects quality.
Case in point: he’s been the proud owner of a Volvo P1800 bought brand new way back in 1966. You may have heard of this story before as it’s not often someone puts over a million miles on their car. But that’s exactly what this man has done. In fact, Gordon is just about to put 3,000,000 miles on the car and he has no intention of stopping there. But for Gordon, "It’s not about getting to the three million miles; it’s about the trips that got me to the three million miles."
Gordon added that he "never had a goal to get to one million, to two million. I just enjoyed driving and experiencing life through my Volvo." Doing some simple calculations, Gordon put more than 62,000 miles on the car for every year of ownership in order to get to this point. And now the 73-year-old retired science teacher from New York is continuing his love of long distance driving even after his regular 125-mile daily work commute. His Volvo technician for the past 15 years also had a hand in helping the car get to this point and Gordon intends to hit the 3 million mile mark on a road trip to Alaska this September. Always the educator, Gordon has a lesson for us. He challenges "everyone to go out and see as much as possible. Find your own journey and reason to believe because you only have one life to live. No matter how many roads I’ve been on, there’s always one I haven’t taken. That's what makes it exciting."
Jack Lew, the coming U.S. Treasury Secretary, his signature is going to appear on US currency printed during their tenure. Here is the mock-up of a 2013 dollar bills when Jack Lew dents his personality on the greenback.
Jack Lew’s "fascinating" signature may grace dollar bills by appending another 8 zeros to national debt of the United States.