Enough: True Measures of Money, Business, and Life

The totally unpredictable perceptions of market participants, reflected in momentary stock prices and in the changing multiples that drive speculative returns, essentially have counted for nothing.

Keynes defined investment - he called it “enterprise” - as “forecasting the prospective yield of an asset over its entire life.” He defined speculation as “the activity of forecasting the market.”

(3) exercising competence, using our God-given and self-motivated talents, inspired and striving to learn

It’s not money that determines our happiness, but the presence of some combination of these three attributes:

Innovation in finance is designed largely to benefit those who create the complex new products, rather than those who own them.

The message is clear: In the long run, stock returns have depended almost entirely on the reality of the relatively predictable investment returns earned by business.

(2) maintaining connectiveness with other human beings, in the form of love of our families, our pleasure in friends and colleagues, and an openness with those we meet in all walks of life

(1) autonomy, the extent to which we have the ability to control our own lives, “to do our own thing”

Albert Schweitzer got it exactly right. “Success is not the key to happiness. Happiness is the key to success.”