Quotes of All Topics . Occasions . Authors
Marketing is your battle plan for the sales team - it's about defining the landscape. Marketing is doing cohort analysis and understanding exactly what possible customers are out there. It's understanding not only which customers will respond to what messages, but also how customers will become clients if you include certain product features.
When I was going to gay bars in my 20s and 30s, the older guys there explained to me that the police would occasionally raid these places and march the clients out, load them onto paddy wagons, drive them down to the station, photograph them, fingerprint them and put their names on a list. They were doing nothing wrong, and it was criminalized.
If I've got a problem with one of my clients that needs to get solved, guess what I'm going to do? I'm going to call them up, and I'm going to say, 'Hey, here's what's going on. This is the situation. This thing went sideways. I didn't expect it. Now it's going to take me some more time to get you what you need.' But I'm going to do that upfront.
I think of myself as a storytelling, and one of the reasons why people have held my stuff close to them is because it's one thing to draw pretty pictures, and it's another thing to create a story. That's what I've always done, whether it be for advertising clients or commercial clients or comic books. My hand is in there, and I am the storyteller.
Ridiculous as our market volatility might seem to an intelligent Martian, it is our reality and everyone loves to trot out the 'quote' attributed to Keynes (but never documented): 'The market can stay irrational longer than the investor can stay solvent.' For us agents, he might better have said 'The market can stay irrational longer than the client can stay patient.'
The lack of opportunity is ever the excuse of a weak, vacillating mind. Opportunities! Every life is full of them. Every newspaper article is an opportunity. Every client is an opportunity. Every sermon is an opportunity. Every business transaction is an opportunity, an opportunity to be polite, an opportunity to be manly, an opportunity to be honest, an opportunity to make friends.
As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to our clients for a quarter century-a dollar invested at inception in our largest fund is now worth over 94 dollars, a 20% net compound return. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified.
One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. Fortunately for our clients, we don't tend to operate based on the view. Our investment strategy is to invest bottom up, one stock at a time, based on price compared to value. And while we may have a macro view that things aren't very good right now - which in fact we feel very strongly we will put money to work regardless of that macro view if we find bargains. So tomorrow, if we found half a dozen bargains, we would invest all our cash.
