Kerr Neilson Quotes
101 Kerr Neilson Quotes (Platinum Asset Management Quotes)
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We make money by buying neglected companies.
Kerr Neilson
We do not see why it is different this time round.
Kerr Neilson
Markets anticipate outcomes.
Kerr Neilson
The market is your ultimate judge.
Kerr Neilson
The paradox is you have to listen to the market and yet form an independent opinion.
Kerr Neilson
There are always opportunities…
Kerr Neilson
Crowds tend to overemphasise the recent event.
Kerr Neilson
We’re reluctant to chase the market leaders because it’s just not how we invest.
Kerr Neilson
[On investing in index funds] It's following, not leading.
Kerr Neilson
We're not trying to shoot the lights out every moment.
Kerr Neilson
If we lose money, our clients aged 55-70 are not going to get it back. This is the product of their life's work.
Kerr Neilson
[In December 2011] Some wonderful companies are bewilderingly cheap…
Kerr Neilson
The stock market owes you nothing.
Kerr Neilson
One values that which one does not have. I believe the things one has not succeeded in, one treasures more.
Kerr Neilson
[In August 2012] Cyclicality has been tossed aside in favour of predicability and steady growth.
Kerr Neilson
We simply do not believe that one can systemically add value by being with the in-crowd.
Kerr Neilson
The arbitrage lies in complexity and uncertainty not the other way around!
Kerr Neilson
Only stubborn denial of the changing dynamics of one’s industry, would induce management to keep pouring money into unprofitable areas.
Kerr Neilson
[In December 2011] in this period when governments have stepped in to make up for the retrenchment by the individual in terms of borrowing, you just sense that there’s going to be more pulling back of some of those benefits that have been granted to the corporate sector. There’s no talk of it yet, but that’s surely going to happen over the next five years. It would be astonishing to me if it didn’t.
Kerr Neilson
[In December 2011] You’ll see inflation in medical services whether we like it or not because of ageing and because of people not being prepared to do that work and because of migration limitations and so on.
Kerr Neilson
[In December 2011] You need to understand the deflationary pulse of manufacturing outsourcing. I think that’s come to an end. That was a big driver for most of this last 10 years and I think that’s gone.
Kerr Neilson
[In December 2011] The banks in Europe are shrinking and this is, by the way, the biggest argument against inflation at the moment.
Kerr Neilson
[On the reaction of investors to equities and moving to cash in December 2011] We don’t know the answer because we do feel that there’s been a love affair with equities and now we’re now living in a world of retrenchments and uncertainty and then there’s a bit of change in age profiles. In the United States you’re starting to eat into your 401K [retirement plan] rather than adding to it.
Kerr Neilson
[In 2011] The Chinese are certainly going to be redirecting towards equities…
Kerr Neilson
[In 2011] If you’re a sovereign fund owner, you’ve got some pretty nasty choices.
Kerr Neilson
[In 2011] The individual is more reluctant to own equities.
Kerr Neilson
[In December 2011] There are two reasons why you don’t want to be too miserable on equities. One is that they are real assets of a description and governments need those enterprises to create jobs. And second, that while not perfect inflation hedges, depending on the type of business they can be quite a good inflation hedge.
Kerr Neilson
[In December 2011] I think so called blue-chip stocks globally now compared with their history are really quite cheap.
Kerr Neilson
[In December 2011] Some wonderful companies are bewilderingly cheap and you sort of wonder, you’re looking around corners trying to find out what’s so wrong with their businesses.
Kerr Neilson
Some of these drug companies, which are on about 7.5–8 times earnings, and the way I look at it 7.5 for anything but a really poor company is interesting.
Kerr Neilson
[In December 2011] Google is probably a bit cheap.
Kerr Neilson
We’re reluctant to chase the market leaders because it’s just not how we invest, but I wouldn’t stand on ceremony and say no one should buy them, because everyone knows they’re great companies they’re being priced as if they are OK companies, not great companies.
Kerr Neilson
[In December 2011] We don’t hold banks in Europe. Our financials are principally in Asia.
Kerr Neilson
[On being impacted by the huge rise in the Australian dollar in 2011] We were caught by stubbornness.
Kerr Neilson
[On the Australian dollar in 2011] In a world which is pulling in credit, and we are heavily borrowed abroad, we felt that the Australian dollar would show less strength than it did.
Kerr Neilson
[In December 2011 on various parties buying the Australian dollar] The Australian dollar was a pleasant choice against bad choices, so it was a relative choice, not an ideal choice.
Kerr Neilson
[On the Australian dollar in December 2011] I would have thought the currency won’t go far from here and intermittently drops down into early 90s.
Kerr Neilson
[On China’s future growth in December 2011] It’s not just going to be turning on the tap again and off we go. It’s going to be more of a lumbering re-engagement of the gearbox.
Kerr Neilson
[In December 2011] We’ve been too negative on both the Aussie and the world and we were running shorts that cost us a lot of money…
Kerr Neilson
[In 2011] We’ve now moved away from generic shorting and moved to specific shorting of stocks. We’re starting to make some headway with those. Either they’re called cloud computing or other rubbish, and on 90 times or something.
Kerr Neilson
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