If you own stocks, there’s always something to worry about. You can’t get away from it.
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You only need a few really big stocks in a lifetime to make a lot of money.
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One or two good stocks can make up for lots of losers, and produce superior results.
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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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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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Stocks often sell at ridiculously low levels for considerable periods merely because few people know anything about them.
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The stock market itself seems to be mainly driven by fashions and fads. However, when you look at individual stocks, it’s a different story, because individual stocks are much more diverse, and some of them can be predicted to perform well over the long run.
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People say the market is overvalued, but if you are only looking at certain names, you will always find times when those names are undervalued. That’s what we’re waiting for.
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I never in all my life bought a stock because I liked it. I bought it because it was a cheaper bargain than any similar stock I would buy anywhere in the rest of the world.
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It’s now a rent-a-stock industry, compared with the old own-a-stock industry when turnover was 16 percent and the average holding period was six years.
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It becomes more and more evident that stock prices are not alone determined by high or low credit, earnings or carloadings. There is another mighty factor which cannot be charted along with the various business indices. It is how high or how low are the hearts of men and women during the given period.
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The trouble with stockholders, in my humble opinion, is that not enough of them are disgruntled.
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Those with enterprise haven’t the money, and those with money haven’t the enterprise, to buy stocks when they are cheap.
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The only significance of stock market gyrations to the true investor is that they give him an opportunity to buy good common stocks when they are cheap — or at least reasonably priced — and at times offer him an invitation to sell out at temptingly high levels.
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A common stock investor is one who regards his common stock holdings as a proprietary interest in various businesses, not as a series of quotations in a newspaper.
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The true measure of common stocks values, of course, is not found by reference to price movements alone, but by price in relation to earnings, dividends, future prospects and, to a small extent, asset values.
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It is an axiom of investment that securities should be purchased because the buyer believes in their soundness, and not because he needs a certain income.
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To my mind, the so-called growth-stock investor — or the average security analyst for that matter — has no idea of how much to pay for a growth stock, how many stocks to buy to obtain the desired return, or how their prices will behave.
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The value approach has been founded on the premise that in many — but by no means in all — cases a dependable range of valuation can be established for a common stock by analytical techniques; that often this range differs substantially from the current price; and that such differences offer rewarding opportunities for investment operations.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earning power through economic changes or deterioration in management.
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To establish the right price for a stock the market must have adequate information, but it by no means follows that if the market has this information it will thereupon establish the right price.
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Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information is sound judgment.
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I am an exponent of the philosophy that the main objective of common stock investment should be pricing, not timing; and by pricing I mean the endeavor to buy securities at prices which are attractive, letting timing take care of itself.
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It is a safe prediction for me to make that, in future years as in the past, common stocks will advance too far and decline too far, and that investors, like speculators — and institutions, like individuals — will have their periods of enchantment and disenchantment with equities.
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I think the future of equities will be roughly the same as their past; in particular, common stock purchases will prove satisfactory when made at appropriate price levels.
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I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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All my experience goes to show that most investment advisers take their opinions and measures of stock values from stock prices. In the stock market, value standards do not determine prices; prices determine value standards.
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In 44 years of Wall Street experience and study, I have never seen dependable calculations made about common stock values, or related investment policies, that went beyond simple arithmetic or the most elementary algebra.
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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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There is evidence that the stock market is more efficient in processing information about what other investors are doing than it is in processing fundamental information about the underlying assets, which is why stock prices so often turn out with hindsight to have been crazy rather than rational.
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Price is the essential determinant in every investment equation. At some price, every company is a buy; at some price, every company is a hold; and at a still higher price, every company is a sell. We do not really recognize the concept of a value company.
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When stocks are rising for no better reason than that they have risen, the greater fool is at work.
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Stocks are not lottery tickets. There’s a company behind every stock. If the company does well, the stock does well. It’s not that complicated.
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If you can’t explain to a 10-year-old in two minutes or less why you own a stock, you shouldn’t own it.
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My system for over 30 years has been this: When stocks are attractive, you buy them.
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The true measure of common stock values, of course, is not found by reference to price movements alone, but by price in relation to earnings, dividends, future prospects and, to a small extent, asset values.
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Warren and I are chicken about buying stocks on margin. There’s always a slight chance of catastrophe when you own securities pledged to others. The ideal is to borrow in a way no temporary thing can disturb you.
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Only novel “soft-shelled” ideas produce extraordinary returns, because the obvious ideas are already reflected in a stock’s price.
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It’s absolute cockamamie crazy to sell stocks after they drop. Instead, you should say, “Today there’s a first-rate bargain and I’m buying.”
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Whether stocks rise or fall is determined by innumerable forces and elements, by economic conditions, the actions of governments, the state of international affairs, the emotions of people — even the vagaries of the weather.
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People invest in stocks for two opposite reasons — in hope and confidence in the future of an enterprise or in fear that the value of their capital will be lost through inflation.
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I believe that the trend of stock equities will continue in the future as it has in the past — and that is irregularly upward, with some emphasis upon the adverb irregularly.
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What the corporate tax actually works out as is a dilution of the stock equities. It is the equivalent of a payment of a stock dividend which goes to the government instead of to the stockholders.
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I’ve always found that if you find 10 stocks you really like and buy three, you always pick the wrong three. So I just buy all 10.
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If the relative stability of general business and corporate profits produces an unlimited enthusiasm and demand for common stocks, then it must eventually produce instability in stock prices.
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Good common stocks are investment media which are subject to speculative influences. The speculative influences are not in the common stocks; they are in the minds of the people who buy and sell them.
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The problem of investment in common stocks is either to insulate yourselves from the speculative influences, or else to adjust your investment policy so that you can take advantage of the speculative fluctuations that are imposed upon the basic investment quality of common stocks.
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