See the investment world as an ocean and buy where you get the most value for your money.
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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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There’s no asset so good that it can’t be overpriced and become a bad investment, and very few assets are so bad they can’t be underpriced and be a good investment.
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You have to buy an asset at a price that is attractive and reasonable for its value.
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If you can invest your money under fair conditions, in fact under attractive specific conditions, I think one certainly should do so even if the market should go down further and even if the securities you buy may also go down after you buy them.
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The problem is not whether price changes should be disregarded — because clearly they should not be — but rather in what way can the investor and the security analyst deal intelligently with the price changes which take place.
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Let us define the speculator as one who seeks to profit from market movements, without primary regard to intrinsic values; the “prudent stock investor” as one who (a) buys only at prices amply supported by underlying value, and (b) who determinedly reduces his stock holdings when the market enters the speculative phase of a sustained advance.
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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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The only thing you can be sure of is that there are times when large numbers of stocks are priced too high and other times when they’re priced too low.
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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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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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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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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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Let us define the speculator as one who seeks to profit from market movements, without primary regard to intrinsic value; the prudent stock investor as one who (a) buys only at prices amply supported by underlying value, and (b) who determinedly reduces his stock holdings when the market enters the speculative phase of a sustained advance.
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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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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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It’s good to buy a large company with fine businesses when the price is beaten down over worry about one problem.
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The market’s very emotional but over time, doing something logical and systematic does work. The market eventually gets it right.
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The secret to successful investing is relatively simple: Figure out the value of something and then pay a lot less.
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There’s no such thing as a good idea or bad idea in the investment world. It’s a good idea at a price, it’s a bad idea at a price.
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There’s good assets and bad assets but good prices and bad prices supersede whether the assets are good or bad.
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We know from experience that eventually the market catches up with value. It realizes it in one way or another.
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Beating the market averages, after paying substantial costs and fees, is an against-the-odds game; yet a few people can do it, particularly those who view it as a game full of craziness with an occasional mispriced something or other.
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I buy when things are low and no one wants them. I keep them until they go up and people are crazy to get them.
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There is no great secret in fortune making. All you have to do is to buy cheap and sell dear, act with thrift and shrewdness and then be persistent.
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I don’t believe all this nonsense about market timing. Just buy very good value and when the market is ready that value will be recognized.
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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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I think that the future of equity investment, when it is made at a reasonable price, is a promising one, and one that deserves the confidence of those interested in the investment field.
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