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Philip Carret Quotes

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Active Management, Aging, Bear Market, Behavior, Benchmarks, Bonds, Bull Market, Business, Career, Cash, Cash Flow, Competitive Advantage, Compound Return, Cyclical Stocks, Decisions, Diversification, Dividends, Earnings, Economic Cycle, Economics, Economists, Expansion, Fees, Forecasting, Gambling, Gold, Growth Stocks, Index Funds, Inflation, Interest Rate, Investing, Knowledge, Liquidity, Losses, Luck, Management, Margin Trading, Market Bubbles, Market Correction, Market Crash, Market Cycle, Market Efficiency, Market History, Market Timing, Math, Mistakes, Probability, Real Estate, Recession, Return, Risk, Risk Management, Savings, Security Analysis, Selling, Shareholders, Short Selling, Special Situations, Speculation, Stock Market, Stock Picking, Stocks, Taxes, Technology, Time Horizon, Turnover, Uncertainty, Valuation, Value Investing, Volatility, Wall Street,

Quote Authors

Arnold Van Den Berg, Arthur Rock, Benjamin Graham, Bernard Baruch, Bill Miller, Charles Ellis, Charlie Munger, Chris Browne, Chuck Akre, Daniel Kahneman, David Abrams, David Swensen, Dean LeBaron, Dean Williams, Edward Thorp, Edwin Lefevre, Fred Schwed Jr, George Soros, Henry Singleton, Hetty Green, Howard Marks, Joel Greenblatt, John Bogle, John Kenneth Galbraith, John Maynard Keynes, John Neff, John Stuart Mill, John Templeton, Lou Simpson, Marty Whitman, Meir Statman, Michael Price, Mohnish Pabrai, Myron Scholes, Paul Tudor Jones, Peter Bernstein, Peter Cundill, Peter Lynch, Philip Carret, Philip Fisher, Richard Thaler, Robert Kirby, Robert Shiller, Robert Wilson, Seth Klarman, Stanley Druckenmiller, T. Rowe Price, Walter Schloss, Warren Buffett,

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Suppose you bought a stock cheap when it was a relatively obscure situation, and then a half-dozen Wall Street firms started cheering for the stock at the same time. I'd get concerned and think about selling. I don't like bandwagons. I'd rather do my own thing.
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Philip Carret
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The very top officers of a company ought to have the equivalent of one year's salary invested in the company. If they can't demonstrate such faith in their own ability, why should I?
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Philip Carret
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If the balance sheet figures look right, I come to the next and hardest part -- appraising management.
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Philip Carret
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We don't invest for income. If you invest soundly for growth, the income follows.
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Philip Carret
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I'm an optimist, both as a person and an investor. It's a big mistake to be pessimistic as long as we have a viable civilization which is reasonably well managed.
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Philip Carret
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If a company has a sound balance sheet with minimal long-term debt, good growth prospects and responsible management, then the stock should be interesting.
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Philip Carret
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It makes no sense for individual investors to jump in and out of the market. People who trade in that way rarely die rich, whereas the patient investor often does.
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Philip Carret
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If managers can't think of anything else to do with their money they should pay dividends. If they have good places to invest it, that's much better.
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Philip Carret
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I have a very simple strategy. I buy good companies at attractive prices. Then I sit on them.
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Philip Carret
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It's extremely difficult to figure out when to sell anything. So I'd rather have the stock taken away from me in a merger or a buyout. It's much easier.
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Philip Carret
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I've been involved in the market too long to get excited.
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Philip Carret
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I had a margin call in 1924, and I swore I never would buy on margin again. That's one of the main reasons I got through the 1930s.
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Philip Carret
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If some of the most astute people in Wall Street have frequently guessed wrong in trying to profit by stock market movements, it may not be too much to assume that the attempt itself has represented a misconception of the proper function of management.
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Despite the advantages of size, wealth, a good name and a long tradition, a large enterprise will cease to be profitable if the men at the head get hardening of the arteries or atrophy of the brain tissue or if their heirs prove unequal to inherited responsibilities. Momentum alone will not carry a business forward under such circumstances. Some younger and more aggressive group will assume the leadership of the industry.
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Philip Carret
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The history of business the world over is full of examples of businesses which have grown from modest beginnings to stupendous earning power.
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Philip Carret
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The novice soon learns that stocks are likely to maintain an upward or downward trend for long periods of time with minor interruptions of the major trend.
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Philip Carret
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One point movements may be likened to the ripples of the stock market, whose occurrence may be influenced by so great a multitude of factors that it is impossible to forecast them. Ten-point movements may perhaps be compared to waves.
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Philip Carret
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The general state of business thus does not forecast the course of stock prices except in the apparently paradoxical fashion that great prosperity affords an advantageous time for selling stocks, extreme business depression an opportunity for purchase.
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Philip Carret
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Anomalies are always to be found in the business situation.
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Philip Carret
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The fabric of civilization today is woven of millions of threads. No spot in it is so strong that it will not feel some effect from a weakening at any point.
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Philip Carret
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Just as in the realm of pugilism, a few years of soft living will make a Dempsey easy prey for a Tunney, so a period of prosperity contains the seeds of its own destruction.
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Philip Carret
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Finance has its anatomy and its physiology. The former is studied through the medium of balance sheets, the latter through income statements.
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Philip Carret
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In finance, as in other fields, theory and practice sometimes differ.
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Philip Carret
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The road to success in speculation is the study of values.
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Philip Carret
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Even in the highest grade securities, there is a certain inescapable speculative risk.
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Philip Carret
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The factors that affect the state of what we call "general business" are innumerable.
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Philip Carret
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The man in the street associates the acquisition of wealth with rising markets; failures, ruin, depression, panics with falling markets.
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Philip Carret
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The average trader is naturally a chronic bull. It is human nature to prefer optimism to pessimism.
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Philip Carret
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In a public service corporation, bad management may curtail profits or produce losses, good management may turn a weak corporation into a strong one.
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Philip Carret
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Most useful and most dangerous are the stock market averages, most useful in revealing the general trend of the market, most dangerous if they mislead the trader into forgetting that, after all, his profits depend on the movements of the individual stocks in which he deals.
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Philip Carret
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Individual stocks may obviously pursue courses widely dissimilar.
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Philip Carret
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Fashions play their part in the stock market as in other affairs of life.
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Philip Carret
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In analyzing stocks, industrials or otherwise, the speculator must constantly bear in mind that no two companies are strictly comparable. He must always be prepared to make due allowance for points of unlikeness.
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Philip Carret
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Stocks often sell at ridiculously low levels for considerable periods merely because few people know anything about them.
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Philip Carret
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To lose money is the conventional penalty for bad judgment in speculation.
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Philip Carret
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The obvious fact about security prices to any student of the market is that they fluctuate.
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Philip Carret
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The official who keeps one eye on his business and one on the stock market is not likely long to be numbered among the leaders.
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Philip Carret
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It is usually a much simpler matter to forecast a bull market than to call the turn at its end.
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Philip Carret
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Bull markets and bear markets last long enough so that the average trader is likely to forget by the time the climax is approaching that any sort of movement is possible.
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Philip Carret
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Economic history never repeats itself exactly.
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Philip Carret
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It takes a great deal of nerve to cling to a short position in a stock in the face of an advancing market even though the stock may clearly be overvalued.
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Philip Carret
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To consider stocks by groups rather than by individual companies is further to ignore the vital factor of management.
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Philip Carret
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