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Worldly wisdom teaches us that it is better for reputation to fail conventionally than to succeed unconventionally - John Maynard Keynes |
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The only intelligence investing is value investing . . . to acquire more than one is paying for - Charles T. Munger |
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Price is what you pay, value is what you get - Charles T. Munger |
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We are normally put in the category called "value investors". This has always surprised me a bit, because it seems to imply [the existence] of another category called "non-value investors" - Robert G. Kirby |
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The three most important words in investing . .
. Margin of Safety |
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People think of inflation as prices going up. It's not. It's the value of money going down - Ron Muhlenkamp |
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It is not the return on my investment that I am concerned about, its the return of my investment - Will Rogers |
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Investing is most intelligent when it is most businesslike - Warren E. Buffett quoting Benjamin Graham |
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(an intelligent) investor (gets) satisfaction from the thought that his operations are exactly opposite to those of the crowd - Benjamin Graham |
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Be fearful when the world is greedy and greedy
only when others are fearful |
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When the brothel burns down, even the pretty
girls have to run out |
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The most important quality for an investor is
temperment, not intellect |
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For an idea ever to be fashionable is ominous, since it must afterwards be always old fashioned - George Santayana |
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Buy when everyone is selling. And hold until
everyone is buying |
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Always buy your straw hats in the Winter - Bernard Baruch |
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Buy stocks the way you buy groceries, not the
way you buy perfume |
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Sound investing can make you very wealthy if
you're not in too big a hurry. |
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Don't use margin. If you're smart, you don't have to borrow money to make money. If you're dumb, you may go broke - Albert Hettinger |
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There is scarcely an instance of a man who has made a fortune by speculation and kept it - Andrew Carnegie |
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Every wealthy investor I know and every wealth investor you know has either built their wealth through ownership or inherited it from an owner - Roland Manarin |
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Its only when the tide goes out that you see
who has been swimming naked |
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Investing is like baseball. If you want to score runs, don't study the scoreboard, study the playing field - Warren E. Buffett |
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You are neither right nor wrong because the crowd (agrees or) disagrees with you. You are right because your data and reasoning are right - Warren E. Buffett quoting Benjamin Graham |
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In the short run, the market is a voting machine. In the long run, it's a weighing machine - Warren E. Buffett quoting Benjamin Graham |
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Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria - Sir John Templeton |
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[Berkshire was built on] the eternal verities: basic mathematics, basic horse sense, basic fear, and basic diagnosis of human nature [to make] predictions regarding human behavior. [We stuck to the basics] with a certain amount of discipline and (not surprisingly) it has worked out quite well - Charlie T. Munger |
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The only certainty is that there is no certainty - Robert Rubin |
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In [an] economy, an act, a habit, an institution, or a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself simultaneously with its cause - it is seen. The others unfold in succession - they are not seen: [ . . . ] Now this difference is enormous, for it [is often true] that when the immediate consequence is favorable, the ultimate consequences are fatal, and the converse - Frederic Bastiat |
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Change is the law of life. And those who look only to the past or present are certain to miss the future - John F. Kennedy |
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I skate to where the puck is going to be, not
to where it has been |
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If you must play, decide on three things at the start: the rules of the game, the stakes, and the quitting time - Chinese Proverb |
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Ain't only three things to gambling: knowing the 60-40 end of the proposition, money management, and knowin' yourself - Puggy Pearson |
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It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price, so why not invest your assets in the companies you really like? As Mae West said, "Too much of a good thing can be wonderful - Warren E. Buffett |
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Risk comes from not knowing what you are doing so wide diversification is only required when investors [are ignorant]. You only have to do a very few things in your life so long as you don't do too many things wrong - Warren E. Buffett |
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The investor of today does not profit from yesterday's growth. If past history was all there was to the game, the richest people would be librarians - Warren E. Buffett |
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If it is in the headlines, its in the stock price - Bill Miller |
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Sadly [equity] research analysts and portfolio managers are like legislators. When legislators get together they have to pass laws whether [or not] there is any need for those laws or whether they will benefit anyone. It is just an immutable fact of the human condition: even losers love to play musical chairs. - Robert G. Kirby |
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Too often we... enjoy the comfort of opinion without the discomfort of thought - John F. Kennedy |
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The conventional view serves to protect us from
the painful job of thinking |
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History has shown that in every age and in
every field of human knowledge, many of the views which almost everyone
accepted as true and never bothered to think about further, were in time
proven completely wrong |
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There are two consequences in history; an immediate one, which is instantly recognized, and one in the distance, which is not at first perceived. These consequences often contradict each other; [. . .] look to the end of an accomplished fact, and you will see that it has always produced the contrary of what was expected from it - Francois-Rene de Chateaubriand |
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Traditional wisdom is long on tradition and short on wisdom - Warren Buffett |
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When people are free to do as they please, they usually imitate each other - Eric Hoffer |
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Whatever men attempt, they seem driven to overdo. When hopes are soaring, I always repeat to myself that two and two still make four - Bernard Baruch |
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Fear has a far greater grasp on human action than the impressive weight of historical evidence - Jeremy Siegel |
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To suppose that the value of a common stock is determined purely by a corporation's earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defense of Joseph Stalin and believed Orson Wells when he told them over the radio that the Martians had landed - Jim Grant |
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I feel very strongly that, in the short run, the market is illogical, capricious, wanton and wild in the way that it prices financial assets. It behaves just as you would expect any mechanism driven by fear and greed to behave. - Robert G. Kirby |
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I'd be a bum on the street with a tin cup if
the markets were efficient |
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Most investment managers would produce better returns for their clients if they completely ignored current market price - Robert G. Kirby |
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Only buy something that you'd be perfectly
happy to hold if the market shut down for 10 years - Warren E. Buffett |