(New) Index investing snatches the fruits of other people’s efforts In the capital markets, the prices of individual stocks cannot stay efficient all the time; they can be undervalued or overvalued. However, when an un… 2023-05-29 Noriyuki Morimoto The Meaning of Losses in Investments with No Endpoint The principle of investment is to not lose money, not necessarily to make money. Assets themselves have intrinsic profitability. In other words, earni… 2023-05-15 Noriyuki Morimoto Unexplainable anxiety and conservative investing An investment is a calculation of the value of an asset based on conservative assumptions and reasonable estimation techniques. Investment is an analy… 2023-05-01 Noriyuki Morimoto To invest is to bet with beliefs Investment management is a professional business. The selection of stocks for investment is the exclusive responsibility of the individual professiona… 2023-04-17 Noriyuki Morimoto Because creation is incidental The steps that lead to creation are established as creation when they are embraced by society. As those early steps, Stendhal wrote only “to the happy… 2023-04-03 Noriyuki Morimoto Salary is not compensation for labor What do people who work for a company consider their salary and bonus to be compensation for? Some may think it is the price for the pain of labor. Bu… 2023-03-20 Noriyuki Morimoto Procyclicality and emphasis on employment From the outset, the market principle embraces cyclicality. When prices fall, demand increases and prices stop falling. Such automatic adjustment of d… 2023-03-06 Noriyuki Morimoto The Comeback of “Client Benefit First” When asking a customer of something, you should first tell the customer how they can benefit from complying with the request, as you cannot simply dem… 2023-02-20 Noriyuki Morimoto Creation is madness Creation cannot arise from the workings of the logical intellect. Intellectual activity only reveals what already exists within the whole in an analyt… 2023-02-06 Noriyuki Morimoto Investment decisions cannot be made by consensus Institutional investors are investors that have a decision-making body at the top of their organization. But decision-making by that body is a formali… 2023-01-23 Noriyuki Morimoto 123…20»
