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NJmike PE

Inspirational Quotes

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One of Warren Buffet's favorite Engineering Economics Equation (compounding interest)

FV = PV (1+r)^n 

FV = Future Value (unit: $)

PV = Present Value or Inital Cash Flow (unit: $)

r = rate of return (example: 5% = 0.05)

n = number of periods (in years)

 

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If you're the smartest person in the room then you're in the wrong room. - unknown

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Mistakes and hope

After some mistakes and probably more mistakes in the future, I learned to go into business only with someone whom I trust.

Edited by Dean Agnostic

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I saw a good (bad) example of this recently:

"Now I think, speaking roughly, by leadership we mean the art of getting someone else to do something that you want done because he wants to do it, not because your position of power can compel him to do it, or your position of authority. A commander of a regiment is not necessarily a leader. He has all of the appurtenances of power given by a set of Army regulations by which he can compel unified action. He can say to a body such as this, "Rise," and "Sit down." You do it exactly. But that is not leadership."

Dwight D. Eisenhower, Remarks at the Annual Conference of the Society for Personnel Administration, 5/12/54

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Negotiation

"The most difficult thing in any negotiation, almost, is making sure that you strip it of the emotion and deal with the facts." - Howard Baker

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Thinking, waiting, thinking, waiting, thinking, waiting, thinking, thinking, thinking... 

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You on trial for something, Dean?

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Lessons learned from dark days :th_rockon:

"The lessons I learned from the dark days at my company are that you've got to make your team have value, innovation, and vision and if you don't give up, you still have a chance. And, when you are small, you have to very focused and rely on your brain, not your strength." - Jack Ma

 

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The Best Investment :winko:

"Myself 100% gain." - @willsee

"Investing in yourself is the best thing you can do. Anything that improves your own talents. Nobody can take it away from you. They can run up  huge deficits and the dollar can be far worth less. You can have all kinds of things happen, but if you have talent yourself and you've maximized your talent, you've got a terrific asset." - Warren Buffett

Edited by Dean Agnostic

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Reasons Civil Engineers/land surveyors are perfect real estate brokers/agents :th_rockon:

  • They know why you fall in love it is because of gravitational force or strength
  • They know their boundaries and stay within them
  • They know that overstepping anybody's boundaries can lead to painful and nasty consequences
  • They would know if the measurements on property map, for example boundary points, make sense
  • They have the ability to understand the seller and buyer feelings of stress
  • They have the ability to compare prices using calculus, rate of change (for example, comparing two adjacent properties using price per square meters calculations)
  • They have the ability to identify structure/building setbacks, rights of way and property access
  • etc.....
Edited by Dean Agnostic

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Mistakes can be useful 

Agonizing over errors is a mistake. But Acknowledging and analyzing them can be useful, although that practice is rare in corporate boardrooms...Dumb decisions either get no follow-up or are rationalized." - Warren Buffett

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Market Fluctuations as a Guide to Investment Decisions :holyness:

Markets are subject to recurrent and wide fluctuations in their prices, the intelligent investor should be interested in the possibilities of profiting from these pendulum swings. There are two possible ways by which he may try to do this: 

  1. The way of "timing" 
  2. The way of "pricing"

By timing we mean the endeavor to anticipate the action of the market, to buy or hold when the future course is deemed to be upward, to sell or refrain from buying when the course is downward. 

By Pricing we mean the endeavor to buy when they are quoted below their fair value and to sell them when they rise above such value. 

Thank you,

Warren Buffett

Edited by Dean Agnostic

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The perfect spouse :violin:

I recall that one woman, upon  being asked to describe the perfect spouse, specified an archaeologist: "The older I get," she said, "the more he'll be interested in me." - Warren Buffett

Edited by Dean Agnostic

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Singapore

In a democracy, everyone takes turns, but if you really want a lot of wisdom, it's better to concentrate decisions and process in one person. It's no accident that Singapore has a much better record, given where it started, than the United States. There, power was concentrated in an enormously talented person, Lee Kuan Yew, who was the Warren Buffett of Singapore." - Charlie Munger

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Envy Again

"Envy and jealousy made, what, two out of the Ten Commandments? Those of you who have raised children you know about envy, or tried to run a law firm or investment bank or even a faculty? I've heard Warren say a thousand times that it's not greed that drive the world, but envy."

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Even a Genius make mistakes in Economics

"Long ago, Sir Isaac Newton invented the three laws of motion that govern the universe, which were the work of genius. But Sir Isaac Newton's talents didn't extend to investing. He lost a ton of money in the south sea bubble, explaining later, 'I can calculate the movement of stars, but not the madness of men.' If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For Investors as a whole, returns decrease as motion increases. - The Sage of Omaha

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Easy Decisions and Painful Decisions

"The difference between a good business and a bad business is that good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time." _Charlie Munger

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Land Surveyors 

The best course for real estate investors when they buy land is to trust some expert, like Land Surveyors. Ask them about their opinion on the land (i.e. what's the zoning of the land, can the land be divided, are there any encroachment, is this the right location of the land,  etc.). We normally consult these experts when it comes to real estate transactions. 

 

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Engineers Best Real Estate Brokers

By and large, these professionals: Engineers, land surveyors, Civil Engineers, General Contractors are perfect real estate brokers in my opinion. These folks know how to value things;

When an engineer sees real estate signs with the Broker's name and contact number, the engineers know the equation for that                                                                                                  (Selling Price = Asking Price of Seller + 3% to 6% of Asking price of seller);

When there are no brokers involved in the real estate transaction, direct buyer and seller transaction, the engineers know the equation for that                                                                                    (Selling Price = Net asking price of seller + Financial Happiness)

When the broker says to the engineer, "I am here to protect you, your interest and I can sell your house above its market value", the engineers know the equation for that                                      (Selling Price = asking price  of seller within appraised value + 3% to 6% of asking price of seller + Broker's statements x zero )

Thank you!

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