?Our clients used to think in weeks and days. Today, it?s not even hours-- they think in minutes,? said John Schutz of Wells Fargo, the largest financial advisor in Minnesota, with $1.2 billion in assets.
?I figured it was just as easy to hear ?no? from someone who?s wealthy as from someone who is not wealthy,? said Steve Lockshin of Convergent Wealth, the largest independent financial advisor in California, with $10.5 billion in assets.
?Interest rates are to investments what gravity is to physics,? said Oracle of Omaha, Warren Buffett.
?China thinks strategically. We think reactively,? said Stephen Roach, former chairman of Morgan Stanley Asia, and my friend and former mentor.
?One must marvel at where the stock market is in relation to the rest of our world. With the economy in relation to the politics, it?s not a happy time. If you look at how they were viewing Obama just before the election, we?ve just walked through the raindrops in regards to the stock market with the fiscal cliff, the debt ceiling crisis, and all sorts of other issues that were plaguing the market,?
said legendary hedge fund manager and chairman of Wisdom Tree Investments, Michael Steinhardt.
'If you can get a dividend higher than the yield on ten year debt, it's an opportunity we haven't seen in our lifetime. On a five year horizon, investing in large multinationals with high dividends will have a large payday' said Lawrence Fink, CEO of Black Rock.
?Banks have turned into gigantic gambling institutions. You never know what you own. I wouldn't touch them if you pointed a gun to my head,? said legendary hedge fund manager Bill Fleckenstein on Hedge Fund Radio.
?When former president, Jimmy Carter, once addressed a graduating class in Japan, they suddenly broke out into wild laughter. He later insisted that the interpreter tell him what he said. After much prodding, he confessed ?I said the president has just told a joke, and you must laugh.?
'Total credit market debt in the world has gone from $80 trillion to $200 trillion in the last ten years, an 11% annual rate, while GDP has grown by 4%. This can't continue. It's a simple matter of arithmetic,' said Kyle Bass, of hedge fund Hayman Partners.
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