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Walt Disney
(Stay Hungry !) 

W. Disney ("Curiosity")



Disclaimer/Disclosure: Ralph Gollner hereby discloses that he directly owns securities of Walt Disney Co (DIS), as per 11th October 2017.

Disclaimer/Hinweis nach §34 WPHG zur Begründung möglicher Interessenkonflikte: Aktien von Walt Disney Co (DIS) befinden sich aktuell im "Echt-Depot" von Mag. Ralph Gollner - per 11. Oktober 2017.

George Lucas and Risk

In 2012, Lucas sold Lucasfilm to The Walt Disney Company for a reported sum of USD 4.05 billion. It was widely reported at the time that Lucas intends to give the majority of the proceeds from the sale to charity...

George Lucas and Risk-Taking

A spokesperson for Lucasfilm said, "George Lucas has expressed his intention, in the event the deal closes, to donate the majority of the proceeds to his philanthropic endeavors." Lucas also spoke on the matter: "For 41 years, the majority of my time and money has been put into the company. As I start a new chapter in my life, it is gratifying that I ...

Wall Street Journal on a Saturday...

TGIS = Thank got it's Saturday - so we can just relax and read our Wall Street Journal just for fun...and not for business reasons (only). Enjoy your Weekend :-)

Steve and his Wall Street Journal (TGIS)

You can read it - anytime/anywhere
(@ Karlie: Could you do such a video for my site ?? pleeeaase ; -)

Karlie and WSJ

 here she goes:

Holiday until 23rd August 2017

Last time in Italy (Cinque terre):

Italia - Holiday

He could be right...

Seth Klarman (Economics and Psychology)

Warren Buffet

"Nimm eine Jahresbilanz nicht zu ernst. Schau lieber, was

über einen Zeitraum von vier bis fünf Jahren geschieht."

Viele an der Börse lassen sich quartalsweise von der "Earnings Season" in Aufregung versetzen, in der Unternehmen ihre Geschäftsergebnisse bekannt geben. Nicht so Warren Buffet. Der Altmeister denkt in größeren Zeiträumen. Aus gutem Grund: Wer den Ansatz verfolgt, Aktienüber Jahre oder (gar) Jahrzehnte (!) zu halten, muss sich über kurzfristige Schwankungen keine Gedanken machen. Es geht um die wahre Durchsetzungskraft der Konzerne - und diese ändert ...

Have a vision, have a goal!
I follow my passion!

Investing in yourself is one of the best return on investments you can have. Whether it's investing in learning a new skill, developing yourself personally or professionally or tapping into your creativity, you need to...

FAITH (Believe in yourself)

...give to yourself first before you can give to others. It is our responsibility to take the time to develop our gifts and talents, so we can best serve others. Investing in yourself is an example of self-love, you must love yourself before you can expect others to love you.

Why is investing in yourself so powerful?


2016 - ein hartes Börsenjahr (ex-post)

John Bennett, Leiter des europäischen Aktienteams von Henderson Global Investors antwortet auf die Frage: "Welche Erkenntnisse haben Sie aus den Entwicklungen im Jahr 2016 gewonnen?" Antwort: "Eine Erkenntnis ist, dass man als Anleger... - Chart (SPX, ATX, 3years) den Märkten nie auslernt. Der Markt lehrt uns, dass Demut eine Tugend ist. (Im Chart oben sieht man die Indexentwicklung vom US-amerikanischen Aktienmarkt, SPX = S&P 500, sowie vom österreichischen Markt, dem ATX - in den letzten Jahren; Inklusive dem Jahr 2016)

Das haben viele Fondsmanager 2016 ...

What is "INVESTING" ?

Morgan Housel is a partner at Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal; He says: Investing is about probabilities, and almost all probabilities are less than 100%. So you're going to be wrong and lose... 

Investments (pic & link)

...sometimes, even when the odds were in your favor. The late investor Peter Bernstein: "You just have to be prepared to be wrong and understand that your ego had better not depend on being proven right. Being wrong is part of the process. [...]"

History is mostly the study of ...

Investing: Economics & Psychology...

Investing is the intersection of "Eco & Psychology"

Greenhorn-Advice (Warren Buffet)

Advice (Warren Buffet)


 > and ignore the stock market :-)

...wishing you a happy Weekend !

"All we need is just a little patience"

Davon kann jeder erfolgreicher Langfristanleger ein Lied singen!

Ungeduld und Kafka

Joel Greenblatt

Joel Greenblatt ist Gründer und Portfoliomanager von Gotham Capital sowie Dozent an der Columbia Business School.

Joel Greenblatt (...don`t lose money...)


André (Bartholomew) Kostolany
(* 9. Februar 1906 in Budapest als Endre Kosztolányi, Österreich-Ungarn)

...war ein Börsen- und Finanzexperte. Kostolanys Philosophie ist von einer profunden Abneigung gegen die klassische Volks- und Betriebswirtschaftslehre gekennzeichnet. Damit meinte André Kostolany nicht, dass man nur aufgrund von Intuition und Phantasie investieren soll, sondern dass man sich inhaltlich sehr intensiv mit dem jeweiligen Investment auseinandersetzen und dieses verstehen muss...

"Wenn man über die Einzelheiten zuviel weiß, hat man keinen Überblick mehr über das Ganze."


Holiday until 6th June 2017

...enjoy your BLOGGING-FREE Time - I will be on Holiday (New York, Florida). Financial Education is still ALWAYS possible. Please look up the archive here on this Website. I always recommend: BEHAVIORAL FINANCE. Financial Markets involve PSYCHOLOGY ;-)

cheers, Ralph

Ray Dalio

"It is far more common for people to allow ego to stand in the way of learning."

I am off (to Budapest) on Saturday

Enjoy your free day !

Keep Calm & Relax :-)

Walter Schloss (quote)

Walter Schloss is not nearly as well known as other investors such as Warren Buffett but Schloss has gained a reputation as one of the best value investors ever. Like Buffett, Schloss was a direct student of Benjamin Graham, and is one of the "Super Investors"...

Market being a very emotional place that appeals to fear / greed !

...mentioned by Warren Buffett in his famous essay, The Super Investors of Graham-And-Doddsville.

Schloss was born in 1916 and passed away during 2012 at the age of 95. Schloss stopped actively managing other people’s money in 2003. He then became a treasurer for the Freedom House, a non-profit group ...


(RM-Reminder ;-)

Happy Easter, Risk-Management Reminder (Don't put all your eggs in 1 basket)

Super Investor, Seth Klarman, on Lessons Learned from Buffett

Seth Klarman has a legendary hedge fund that you may know (?), the Baupost Group. His returns in that fund have been Buffett-like.

Seth Klarman (Financial Education, what else?)

Seth Klarman is a value investor... His insights are treasured, and the only book he wrote sells on Amazon for USD 2,500 each. Following some interesting lessons, which  were recently published in the Financial times; An extraxt of some great lessons that make you think.

Seth Klarman: "Warren Buffet has become wealthy and famous from his investing. He is of great interest, however, not because ...

Money (alone) can't buy you happiness!

Carl Barks' genius is not only about his wonderful art. Carl Barks was an excellent storyteller who used his stories to not only tell jokes and send these characters on great adventures. He also told us about how they were as people and...

Uncle Scrooge (aka "Dabogert Duck"), Money (alone) can't buy you happiness!

...used them to examine real issues. Uncle Scrooge started out as a penniless prospector in the late 19th century, and by utilizing his smarts and work ethic he built a vast mining/shipping/media/oil/just-about-everything-else empire that resulted in his three cubic acres of swimmable cash money. He's the ...

6 Key Value Propositions A Good Financial "Partner" Can Provide For Clients
A Better "Return On Life"

6 Key Value propositions a good financial "Partner" can provide for clients

in short:

♦ You need to bring order to your financial life!

♦ Prioritise your goals, regularly review your progress toward achievement.

♦ Try to avoid emotionally driven decisions in important money matters.

♦ Try to anticipate your life transitions and be financially prepared for them.

♦ Try to explore what specific knowledge will be needed to succeed in your situation by  thoroughly understanding your situation. Then state your questions to get explanations on options and ...

Cinema tonight!

Enjoy your free friday-eve :-)

The Risk-Return tradeoff the principle that potential return rises with an increase in risk. Low levels of uncertainty or risk are associated with low potential returns, whereas high levels of uncertainty or risk are associated with high potential returns.


Investing is about managing risk (NOT avoiding it)


According to the risk-return tradeoff, invested money can render higher profits only if the investor is willing to accept the possibility of losses.

Read more: Risk-Return Tradeoff Definition | Investopedia

Bad strategy...

Indigestion and gut feel (bad strategy while investing)

a small "problem"...

Risk versus (!) Return (cartoon), A Bacall

Just the truth or a "bad" joke ?

"Overall in Europe, four out of five active equity funds failed to beat their benchmark over the past five years, rising to 86 per cent over the past decade, according to S&P’s analysis of the performance after fees of 25,000 active funds." (March 2016)

Mutual Fund for Investors ("wag the dog")

If this encourages some retail investors to question their financial advisers and fund groups, then that is a good thing. The passive voice is getting louder and louder!!

More specific: Almost every actively managed equity fund in Europe investing in global, emerging and US markets has failed to beat ...

! Merry Christmas !

Merry Christmans 2016

Vacation (28/09/2016 - 13/10/2016)

I´m going on holiday! Will be back by Mid-October, cheers Ralph

Goa elephant (2016)

Merksatz (J.W. Goethe)

Johann Wolfgang von Goethe war der berühmteste deutsche Dichter und einer der bekanntesten Dichter der Welt. Er wurde 1749 in Frankfurt am Main geboren und wuchs in wohlhabenden Verhältnissen auf. Weiters war er auch Naturwissenschaftler und Staatsmann.

J.W. Goethe (Merksatz)


André Kostolany - Zitate

André Kostolany war ein "Börsenlehrer", der von der Praxis zur Theorie kam. In Wien begann Kostolany Philosophie und Kunstgeschichte zu studieren, sowie einige Semester Volkswirtschaft,...

André Kostolany - einige Zitate

...wurde aber Mitte der 1920er-Jahre von seinen Eltern zu einem Pariser Börsenmakler in die Lehre geschickt. Von da an nahm Alles seinen Lauf...

In Deutschland erlangte Kostolany Berühmtheit durch die Kolumne in der Finanzzeitschrift Capital". Von 1964 bis zu seinem Tode, gehörte ihm insgesamt 414-mal die letzte Seite. Bekannt sind auch die von ihm gehaltenen legendären ...

Vacation (30/06/2016 - 08/07/2016)

I´m going on holiday! Will be back in July, cheers Ralph


Ideas from Charlie Munger
(Warren Buffet's financial partner)

Tips on the decision-making process; In 2015 T. Griffin homed in on the ideas of Charlie Munger, longtime investor and vice chairman of Berkshire Hathaway Inc.; a book by Mr. Griffin, “Charlie Munger: The Complete Investor”.
Charlie Munger on very intelligent people (;-)
Extracts from a WSJ-Interview (The Wall Street Journal) with Tren Griffin. Mr. Griffin is a senior director of strategy at Microsoft Corp., focusing on software platforms and business models. Nights and weekends, he transforms into a voracious reader and writer about business and investing.

WSJ: ...

Enjoy your Saturday!

Prior to 1928, the stock market was open on Saturdays, but not Sundays. The Sunday closings were out of religious respect, and the fact that in those days most Americans lived on farms, and had to give their horses a day of rest or they would die...

During 1928 & 1929, as the stock market was in its "bubble phase", many Saturdays were taken off to allow exchange staff to catch up on their paperwork. For months after the stock market crash of late 1929, Saturdays were taken off to allow exchange staff to catch up on their paperwork...this time led by selling ...

Ken Fisher (quote)

Financial Education Offensive (Österreich)

Nationale Strategie zu finanzieller Bildung erforderlich; Aktienforum-Präsident Ottel: Potenzial und Brainpower in Österreich enorm - Finanzbildung samt notwendigen Vermittlungsmethoden findet aber nicht statt, wäre aber dringend notwendig.


Ein stärkeres Engagement der Politik im Bereich Finanzbildung forderte Robert Ottel, Präsident des Aktienforums, im Feb. 2016 bei der Veranstaltung „Pitch im Paternoster“ im Haus der Industrie in Wien ein. Das von der Jungen Industrie gehostete Event wurde neben dem Aktienforum auch vom AWS unterstützt. ...

The market lost 22.6% in a single day of trading

Fool's day! (April 2016)

Happy April Fool's Day!

Happy Easter
Don´t put all your eggs in one basket!

Good Friday

The New York Stock Exchange, the biggest stock market in the world, is closed for business. Bond and other securities markets are somewhat more decentralized, but the Securities Industry and Financial Markets Association (SIFMA) also calls off today.

Holiday 2016 (Good Friday)

Finally, the Chicago Mercantile Exchange and US equity and other futures markets are also closed today!

André Kostolany

André Kostolany, Zitat

Happy New Year

Merry Xmas (Dec. 2015)

Lots of presents and fun with your family & friends!!

Merry Xmas (Dec. 2015)

It's all about LEARNING BY DOING!

Learning by doing

Live-Seminar am 27. Nov. 2015 in Wien

EINLADUNG/GRATIS-Anmeldung inkl.:

EINLADUNG Live-Seminar 27. Nov. 2015 (Wien)

Split Vormittagsteil & Nachmittagsteil:
1. Teil (Längere Einleitung/interessante Details)
2. Teil (Die wichtigsten Infos/AUCH für die dann später Hinzukommenden/Berufstätigen)

WLAN inkl. (kostenfrei => somit LIVE-Crosscheck des Vorgetragenden, bzw. interaktives "Mitmachen" möglich)

-) Die Weltwirtschaft 2016 bis 2025 bzw. 1920 bis 2015
(Einführung für Newbies und Wirtschaftsakademiker)
-) Was nicht nur Banker wissen ...

Der Wanderprediger in Sachen Börse und sein langjähriger Partner Gottfried Heller

Gottfried Heller war jahrzehntelanger Partner und Freund von André Kostolany, mit dem er auch die Investmentfirma Fiduka gründete.

Viele Kommentare von A. Kostolany waren einfache Aussprüche, die das Wesentliche auf den Punkt brachten. "[Es] mag vielleicht etwas banal klingen, doch letztlich kommt es darauf an, ob und wie Aktionäre die Gewinne eines Unternehmens, die Wirtschaftslage und die politische Großwetterlage bewerten. Das müsse jeder Börsianer verinnerlichen", so Kostolany.

Die Psychologie war für ...

Aug. and Sep. are always good months to be on holiday...

not only because of the weather, but also because there are several factors, which suggest that the 3rd quarter of the year is the perfect time for European tourists to fly around the world and for investors to partly hedge ones portfolio (or just relax in the hot summer sun).

In 2015, staying away from the markets in Q3 of the year and enjoying the summer sun, would have been the best idea. At least, one should always think about taking some sort of headging measures, if you have a Long-Equities-portfolio.

BTW: I will be back ...

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Those who won't go with the time will go with the time

In July 1998 (one month before Warren Buffet turned 68 years; easy to calculate: He was born in 1930 :-) Warren could have gone into pension...I am not sure, if it was really senseful of him or helpful to stay in the investing field...

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“Individuals who cannot master their emotions are ill-suited to profit
from the investment process.”

Quote by Benjamin Graham (Father of Value Investing and Warren Buffett's teacher at Columbia Business School)

A study by Dalbar underscores the importance of controlling emotions and avoiding ...

Quotes from Berkshires shareholder letters

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Art Cashin is a real veteran on Wall Street

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Liebe Interessierte!

Das nächste Live-Meeting in Wien wird wohl Mitte August stattfinden.
Infos zu genauem Datum / Uhrzeit / Location folgt noch

Freue mich über rege Teilnahme,
LG Ralph Gollner