“Stocks are usually more than just the abstract ‘bundle of returns’ of our models. Behind each holding may be a story of family business, family quarrels, legacies received, divorce settlements, and a host of other considerations.These stories may be too interesting and thereby distract us from the pervasive market forces that should be our principal concern.

Merton Miller

“I would rather see finance less proud and industry more content.

Winston Churchill

“If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

John Maynard Keynes

  • Many investors hold shares in public companies. Public companies are owned by their shareholders who, in theory, can be any member of the public but more typically ...

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