Quotes

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.

I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of a "New Era" philosophy where trees really do grow to the sky.

Just because something is cheap does not mean it is not going to go down.

There is nothing at all conservative, in my opinion, about speculating as to just how high a multiplier a greedy and capricious public will put on earnings.

Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results. The better sales will be the frosting on the cake.

I like dealing with someone who is not trying to figure how to get the fixtures in the executive washroom gold-plated.

Investment decisions should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.