If you don’t know who Gordon Gekko is then you probably haven’t seen the movie Wall Street (1987). With the movie being released 16 years ago it still remains one of the best movies every investor should watch! Gordon Gekko’s quotes have made history on Wall Street and are full of bold statements worth thinking about; therefore I provide some of my favorite business lessons we should learn from them:
1.”Well, in my book, you either do it right, or you get eliminated.”
If you are starting a business or project either you give your 100% time and effort into it or just don’t do it, as simple as it might sound to be always do it the best you can.
2.“A fisherman always sees another fisherman from afar.”
Gekko points out that when it comes to business there are many people who deal with no good intentions at heart. It’s important we recognize who this people are and KNOW how to recognize people that share our same interests.
3.”What’s worth doing is worth doing for money.”
Sometimes businesses believe that by giving away content or merchandise for free will attract more costumers. They even hesitate to raise prices, when in fact if you believe your product is worth it, then people will respond to it.
4.”This is the kid, calls me 59 days in a row, wants to be a player. There ought to be a picture of you in the dictionary under persistence kid.”
In the movie “Wall Street” Bud Fox wanted to work for Mr. Gekko he continuously demonstrated persistence by calling his office on a regular basis until he got the job. When it comes to business don’t be afraid to persist until you get what you want, even if it means calling for 59 days in a row.
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5.”If you need a friend, get a dog.”
Sometimes we seek our friend’s and co-worker’s approval to make business decisions, when turned down by them we often tend to get discouraged and drop completely our decision. If you feel “they” don’t understand the bigger picture, you should not feel bad for following your own path.
6.”Ever wonder why fund managers can’t beat the S&P 500? ‘Cause they’re sheep, and sheep get slaughtered.”
This reflects to the principle of “buy low and sell high”. If we follow the crowd to make investment decision blindly, we are probably going to get slaughtered too.
7.”I don’t throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought.”
Speculation is the worst enemy of business. Preparation and homework is ALWAYS required before making any big decisions.
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“You see that building? I bought that building ten years ago. My first real estate deal. Sold it two years later, made an $800,000 profit. It was better than sex. At the time I thought that was all the money in the world. Now it’s a day’s pay.It’s all about bucks, kid. The rest is conversation.”
” The richest one percent of this country owns half our country’s wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It’s bull****. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you’re not naive enough to think we’re living in a democracy, are you buddy? It’s the free market. And you’re a part of it. You’ve got that killer instinct. Stick around pal, I’ve still got a lot to teach you.”Wall Street (1987)