So many investors today focus on earnings, but I focus on assets and don’t try to predict next months’ earnings, which is a much more difficult approach to investing.
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The thing about buying depressed stocks is that you really have three strings to your bow: 1) earnings will improve and the stocks will go up; 2) someone will come in and buy control of the company; or 3) the company will start buying its own stock and ask for tenders.
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Historically, many companies that have had terrible times have come back, or many of them do. A decline doesn’t mean it’s the end.
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I think people trade too much, looking for short-term gains. But I don’t think you should hold stocks indefinitely.
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We live in a society that changes, so you can’t be too strict about the rules you had 40 or 50 years ago. You can’t buy stocks on the basis you did then.
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Most people who have been really successful in the securities markets say the same thing — that they’re not smart enough to get into the market and out of it. So they tend to remain more or less in the market at all times.
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If the market’s going wild and you want to be in it, you either have to lower your standards to stay in the game or you buy stuff which may not participate because it’s not part of the game at that time.
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Just because we think a stock is undervalued doesn’t mean we’re right. We may be wrong in our judgment.
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I like the idea of having a little action. That may not be good from a logical point of view, but it’s good from an emotional point of view.
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If you don’t like to lose money and it affects your judgment, don’t buy things that can go down a great deal.
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One of the things you learn in this business is humility because you see your mistakes the next day.
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The problem in investing, I think, is timing. You may be right. But in the long run, we’re all dead. Even if you’re right, if it takes 20 years to work out, it can be a disaster.
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We just try to buy cheap stocks. That’s really all. We try to buy things that are out of favor – stocks that others don’t want.
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Lots of times when you buy a cheap stock for one reason, that reason doesn’t pan out but another reason does because it’s cheap.
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One of the tricks of this business is, keep your losses down and then, if you have a few good breaks, the compounding works well for you.
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I don’t think investing is a science. I rather look at it as part art and part science with some boundaries.
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