Michael Lee-Chin Quotes

You can't look at the intrinsic value of gold as you can a business. Gold doesn't give you cash flow, and, at the end of the day, cash flow is what is important. Gold doesn't give you dividends.

It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow.

In the investment business, you must expect to be wrong.

The starting point of my career in money management in 1973-74 was the time of the only true bear market any living non-Japanese investor has seen in major markets. Equities, real estate, you name it, everyone got run over.

Real estate investing, even on a very small scale, remains a tried and true means of building an individual's cash flow and wealth.

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.

Investors have to ask themselves two questions. How much can we grow our investments? And, can we afford our mistakes?

Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.

My investments have been hurt.

The rate of interest acts as a link between income-value and capital-value.

Investing is a business where you can look very silly for a long period of time before you are proven right.

I have no complaints about losing money I put in high-risk investments. I did some of that when I had real money; my informed choice, my measured gamble.

There's never been a good period of venture capital when prices weren't high.

Large-caps were safe in 1996, '97, '98. Everybody was buying index funds and Nifty Fifty funds. As long as money was pouring in, it was great.

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.

So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster.

The government can’t guarantee that you should earn profit from your investments.

Now, Gold and Silver contribute very little in their own nature to our Lives, for which all Earthly Things seem to have been created. Yet Men, as if they would make Nature asham'd of this, have agreed to make those Metals of equal vaue to all other things, to make 'em the Price and Measrue of all, and the Instruments of changing and exchanging whatever can be found good in this World.

There are two times in a man's life when he should not speculate [on the Stock Market]: when he can't afford it, and when he can.

There can be few fields of human endeavor in which history counts for so little as in the world of finance.

We don't understand the equity market well, and so we deploy funds in fixed-income securities, and like any other securities, investment in those securities also need to follow the mark-to-market accounting principle.

The great skill of investment is to know when the right time is to get out. Getting in's easy.

Stocks actually can be a very good hedge against inflation, and short of hyperinflation, stocks will have the ability to increase their dividends to match the rise in prices.

An investor in Duke Energy is expecting a dividend payment. That's roughly 70 to 75 percent of the earnings I produce. The business that goes with that level of dividend is a business that has more predictability, more stability.

If the fluctuations in your investment portfolio are reduced, the impact of emotions and behavior on your account is also reduced.