Quotes

Laws have been passed to outlaw some of the more egregious behavior which contributed to the big bull market of the twenties. Nothing has been done about the seminal lunacy which possesses people who see a chance of becoming rich.

It is easy enough to burst a bubble. To incise it with a needle so that it subsides gradually is an operation of undoubted delicacy.

I do strongly urge that we be as cautious as ever in reposing too great confidence in men of great financial position.

Liquidity is a concern of the short-term investor and a minor matter for the long-term investor.

The lesson of history is that norms are never normal forever. Paradigm shifts belie blind faith in regression to the mean.

The influence on stock prices are so numerous and so complex that no person has ever been able to predict the trend of stock prices with consistent success.

I have nothing against a stock split. I did two in the Sixties, but this is really a non-event. So is the stock dividend. It's really paper shuffling.

Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.

Businessmen play a mixed game of skill and chance, the average results of which to the players are not known by those who take a hand.

The actual results of an investment over a long term of years very seldom agree with the initial expectation.

When people think there's easy money available, they're not inclined to change.

I make no attempt to forecast the general market -- my efforts are devoted to finding undervalued securities.