BRUNEI 4 Days 3 Night - Seri Begawan
汶莱 4天3夜 自由行 - 斯里巴加湾市
Places:
- Sultan Haji Omar 'Ali Saifuddien Bridge
- Temburong District
- Batang Duri Recreation Park
- JAB GYM
- Food Street @ The Mall
- Istana Nurul Iman (Palace)
- THE EMPIRE BRUNEI
Quoting Benjamin Graham, "In the short run, the market is a voting machine but in the long run it is a weighing machine."
“Do stocks actually become more valuable in war time, or is it just money which declines in value? That depends on circumstances. By the grace of God, our country has never been defeated in any war in which it has engaged. In war, particularly modern war, the money of the defeated side is likely to become completely or almost worthless, any common stocks would lose most of their value. Certainly, if the United States were to be defeated by Communist Russia, both our money and our stocks would become valueless. It would then make little difference what investors might have done.On the other hand, if a war is won or stalemated, what happens to the real value of stocks will vary with the individual war and the individual stock. In World War I, when the enormous prewar savings of England and France were pouring into this country, most stocks probably increased their real worth even more than might have been the case if the same years had been a period of peace. This, however, was a one-time condition that will not be repeated. Expressed in constant dollars – that is, in real value – American stocks in both World War II and the Korean period undoubtedly did fare less well than if the same period had been one of peace. Aside from the crushing taxes, there was too great a diversion of effort from the more profitable peace-time lines to abnormally narrow-margin defense work. If the magnificent research effort spent on these narrow-margin defense projects could have been channelled to normal peace-time lines, stockholders’ profits would have been far greater – assuming, of course, that there would still have been a free america in which any profits could have been enjoyed at all. The reason for buying stocks on war or fear of war is not that war, in itself, is ever again likely to be profitable to American stockholders. It is just that money becomes even less desirable, so that stock prices, which are expressed in units of money, always go up. ”
TAKE NOTICE
that the above memo is by no means a recommendation or a solicitation or expression of
views to influence you to buy or sell any stocks. The above memo is just my
sharing on what I am doing with my portfolio and my thoughts along my
investment journey since May 2020 for my future records and reflection usage.
