John Bogle: Get a Life Outside Finance

John Bogle Money Quote saying investments shouldn’t be actively managed, but rather should be long term. John Bogle said:
 

 

“Own an index fund, get a life outside of finance, and relax” — John Bogle

In this quote, John Bogle seems to be advising investors to take a simple, low-cost approach to their portfolio. By recommending they “own an index fund”, Bogle is suggesting passively investing in a broad market fund that tracks the overall stock market, rather than trying to pick individual stocks or actively managed mutual funds. His additional advice to “get a life outside of finance, and relax” implies index funds require little maintenance since they aim to match the market return.

The best interpretation is that Bogle believed indexing was a stress-free way for average investors to achieve adequate returns without excessive effort or concern over short-term fluctuations in the market. This quote encapsulates his advocacy for accessible, affordable investment options that allow people to focus more on enjoying their lives than obsessing over money.

Birthday May 8, 1929 – Death: January 16, 2019

Lawrence Weschler: Counterfeiting Arrests

Lawrence Weschler Money Quote talking about the controversial money art of J.S.G. Boggs (who died this week at 62 in Florida) and was repeatedly arrested for counterfeiting while attempting to “spend” his artistic representations of money. Lawrence Weschler said:
 

 

“He could seem authentically dumbfounded whenever he got arrested for counterfeiting. He was just short of being a con man, but no more than anyone in the art world, or for that matter in the world of finance, which of course, was his whole point” — Lawrence Weschler

This quote seems to be commenting on the blurred lines between authenticity and deception in different fields like art, finance, and law enforcement. The man being described could convincingly act surprised and confused whenever he got arrested for counterfeiting money, even though it was something he deliberately did. So he was almost like a con man in how he presented himself.

The quote then draws a parallel, saying he was “just short of being a con man, but no more than anyone in the art world.” This implies that people in the art world also engage in a degree of deception or inauthenticity to promote their work. It further adds that the same is true “in the world of finance.”

The overall point, as stated in the quote, is that deception and blurred lines between truth and fiction exist to some extent in many fields, including art, finance and even law enforcement. Acting confused when facing the consequences of one’s own deliberate illegal acts could be seen as a kind of deception or con. And this kind of behavior is arguably no different from promotional tactics commonly used in other professional worlds like art and finance.

Giancarlo Bruno: Blockchain Beating Heart

Giancarlo Bruno Money Quote saying as head of finance at the World Economic Forum that Blockchain tech will control the pulse of global financial services. Giancarlo Bruno said:
 

 

“Rather than to stay at the margins of the finance industry blockchain will become the beating heart of it” — Giancarlo Bruno

Giancarlo Bruno, the head of finance at the World Economic Forum, blockchain technology will become central to global financial services in the future, rather than remaining on the margins. Bruno believes that blockchain will take on a core, controlling role similar to the way a heart controls the pulse of the body.

By using distributed ledger and cryptography techniques, blockchain aims to make financial record-keeping more secure, transparent and decentralized. Many see it as a way to reduce costs and improve transparency in areas like payments, currency exchanges and digital asset transactions.

Charlie Munger: Finance Out of Control

Charlie Munger, vice-chair Berkshire Hathaway, Money Quote saying as a Republican, there are few other things he can agree with Elizabeth Warren on – except current state of banking is risky and dangerous. Charlie Munger said:
 

 

“Elizabeth Warren doesn’t agree with me on many subjects, and I wouldn’t agree with her on many subjects, but she is basically right when she says that American finance is out of control and that it isn’t good for the rest of us” — Charlie Munger

In this quote, Charlie Munger is agreeing with Elizabeth Warren’s assessment that the American financial system has become excessive and unbalanced in a way that negatively impacts most citizens.

While Munger and Warren likely disagree on specific policies or solutions, Munger acknowledges that Warren’s broader point about the financial industry having too much influence and power at the expense of ordinary Americans is valid.

By saying she is “basically right” on this issue, Munger seems to be conceding that the interests of large financial institutions have come to dominate in a way that is unhealthy for society and the overall economy.

Birthday: January 1, 1924 – Death: November 28, 2023

Rana Foroohar: Finance Industry Profits

Rana Foroohar Money Quote Wall street takes a far bigger slice of corporate profits in America than the small percentage of jobs it creates. Rana Foroohar said:
 

 

“The finance industry creates 4% of jobs, but takes 25% of the profits in corporate America” — Rana Foroohar

Rana Foroohar seems to be pointing out an imbalance between the finance industry’s economic impact and its profits. While the finance sector only accounts for 4% of total jobs in corporate America, it generates 25% of all profits.

This suggests that the finance industry is highly profitable relative to other sectors that employ more workers. Foroohar appears to be implying that the finance industry earns a disproportionately large share of profits compared to its actual contribution to employment in the U.S. economy.

For the past 15 years Rana Foroohar has covered the financial industry for Newsweek and Time and has now written a book looking at what she’s learned during that time

Michael Connolly: Printing Inflationary Evil

Michael Connolly Money Quotation saying governments that are tempted to print money during financial crises are playing with Seigniorage fire. Michael Connolly said:
 

 

“Seigniorage finance of fiscal deficits is often known as ‘the printing press.’ In a sense, money is the root of all inflationary evil. It helps to understand why inflation bursts out here and there periodically” — Michael Connolly

Michael Connolly is explaining how governments can fuel inflation through deficit spending and money creation. The quote suggests that when governments fund budget shortfalls by essentially “printing” new money through seigniorage (profits from minting currency), this amounts to using the “printing press” to pay bills.

Connolly asserts that money itself is the underlying cause of inflation, as too much money in circulation relative to available goods will bid up prices. He’s saying periodic inflation outbreaks occur because governments will periodically resort to deficit monetization as a way to finance expenditures without raising taxes.

The overall interpretation is that Connolly views money creation as the root driver of inflation, and sees deficit spending paid for via seigniorage as a primary method by which inflation periodically emerges in various economies.

Pope Francis: Worldwide Crisis of Finance

Pope Francis Money Quotation saying international monetary crisis displays clearly lacking empathy for people. Pope Francis said:
 

 

“The worldwide crisis affecting finance and the economy lays bare their imbalances and, above all, their lack of real concern for human beings. Man is reduced to one of his needs alone: consumption” — Pope Francis

This quote is criticizing the current global financial system for prioritizing consumption and profits over the well-being of people. Pope Francis argues the crisis shows the system lacks empathy for how its imbalances impact individuals.

Pope Francis is saying that under the current global financial system, man or humanity is seen as only having one main need – consumption. The system views people primarily as consumers, whose main purpose is to consume goods and services.

Pope Francis is criticizing this limited view of human nature, arguing that people have many other important needs beyond just consumption, such as social and community needs. By prioritizing profits and economic growth above all else, the system reduces human beings to only considering their consumption needs, rather than their overall well-being and fulfillment.

Marriner Eccles: No Debt Means no Money

Marriner Eccles Money Quotation saying The money and banking system relies on debt to finance the creation of new capital – without one the other doesn’t exist. Marriner Eccles said:
 

 

“If there were no debts in our money system, there wouldn’t be any money” — Marriner Eccles

This quote from Marriner Eccles, former Chairman of the Federal Reserve, suggests that debt is integral to the existence of money in the modern financial system. Some key points in interpreting his perspective:

• Eccles implies that the lending of money into existence by banks, with the promise of repayment of both principal and interest, is what creates the money supply rather than it predominantly consisting of currency.
• He portrays debt as inextricably linked to the money supply, with financial institutions extending loans that introduce new money into the economy through deposit creation.
• Eccles’ perspective reflects the view that under fractional reserve banking, where banks only need to hold a small fraction of deposits as reserves, most of the money supply consists of bank credit in the form of loans rather than physical currency.
• However, reasonable experts can disagree on the appropriate structure and regulation of monetary systems given changing economic conditions over time.

Overall, the quote conveys Eccles’ observation that debt plays a fundamental role in modern monetary operations. But the best interpretation also considers this perspective alongside other reasonable stances in ongoing discussions around optimizing financial stability and economic opportunity through open debate and evidence-based discussions on complex issues related to currency, banking and public policy.

Birthday: September 9, 1890 – December 18, 1977