Chris

“In December 1972, Polaroid was selling for 96 times its 1972 earnings, McDonald’s was selling for 80 times, and IFF was selling for 73 times; the Standard & Poor’s Index of 500 stocks was selling at an average of 19 times. The dividend yields on the Nifty-Fifty averaged less than half the average yield on the 500 stocks in the S&P Index. The proof of this particular pudding was surely in the eating, and a bitter mouthful it was. The dazzling prospect of earnings rising up to the sky turned out to be worth a lot less than an infinite amount. By 1976, the price of IFF had fallen 40% but the price of U.S. Steel had more than doubled. Figuring dividends plus price change, the S&P 500 had surpassed its previous peak by the end of 1976, but the Nifty-Fifty did not surpass their 1972 bull-market peak until July 1980. Even worse, an equally weighted portfolio of the Nifty-Fifty lagged the performance of the S&P 500 from 1976 to 1990.”
― Peter L. Bernstein, Against the Gods: The Remarkable Story of Risk

“Given that our brains were shaped by natural selection, it could hardly be otherwise. Natural selection is driven by the competition among genes to be represented in the next generation. Reproduction leads to a geometric increase in descendants, and on a finite planet not every organism alive in one generation can have descendants several generations hence. Therefore organisms reproduce, to some extent, at one another’s expense. If one organism eats a fish, that fish is no longer available to be eaten by another organism. If one organism mates with a second one, it denies an opportunity at parenthood to a third. Everyone alive today is a descendant of millions of generations of ancestors who lived under these constraints but reproduced nonetheless. That means that all people today owe their existence to having winners as ancestors, and everyone today is designed, at least in some circumstances, to compete. That does not mean that people (or any other animals) house an aggressive urge that must be discharged, an unconscious death wish, a rapacious sex drive, a territorial imperative, a thirst for blood, or the other ruthless instincts that are often mistakenly equated with Darwinism.”
― Steven Pinker, How the Mind Works

“Begin doing what you want to do now. We are not living in eternity. We have only this moment, sparkling like a star in our hand--and melting like a snowflake...”
― Sir Francis Bacon

“A Man must make his opportunity,as oft as find it ”
― Francis Bacon, The Essays of Sir Francis Bacon