Quotes

Perhaps nothing is more indicative of the quality of a company's management than its accounting methods.

I think there’s a tendency in the modern world of people wanting their money to be working hard, and I joke that our money is like a couch potato by comparison.

In my opinion, the market tells you when to buy things. And when things are really cheap, on a Graham and Dodd valuation basis, you should like them more. And when they’re really expensive, you should like them less.

If you're early on in your career and they give you a choice between a great mentor or higher pay, take the mentor every time. It's not even close.

Real life is not a random draw but a connected sequence of events in which each event is the consequence of the preceding event.

Investors who find an overly narrow niche to inhabit, prosper for a time but then usually stagnate. Those who move on when the world changes at least have the chance to adapt successfully.

Prices change when events are different from what the market has expected them to be.

Our expectations of the future are not unbiased and do not reflect all available information.

Your wealth is in many ways dependent on what other people will pay for your assets.

Job insecurity has been a problem for as long as people have depended on a paycheck.

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.

In speaking of future prospects it is often difficult to make the distinction clear between what one considers the most desirable in the public interest and what one reckons to be the most probable in the actual circumstances. For unfortunately the course of events which is the most desirable is not always the most probable!