Too many businesspeople delude themselves. They want so much to believe that they listen only to what they want to hear and see only what they want to see.
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Ideas are a dime a dozen. It’s the execution that’s really the important thing and you need really good people for that. Good people can change directions, but there are very, very few truly great people who can execute properly.
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The word preferred does not add anything to the value of an issue. If a common stock has just as large earnings applicable to it and no greater deduction ahead of it, it must be more valuable than a similarly situated preferred — because the common stock is entitled to all future earnings and the preferred only to a restricted portion thereof.
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Economic development or growth occurs in three different processes: in the increase of population, in the accumulation of capital, and in the technological progress which enables us to produce more things, better things, different things, or the same things more cheaply.
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Rather than focus on numerical indexes in investment decisions, the investor should focus on unique characteristics that protect the investment from competition. Thus bar to access is a critical element in the evaluation.
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The most significant factor influencing real estate’s future value is competition. One could argue that the higher the occupancy and the rates, the more likely this level of performance will not continue.
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The most intelligent investment may perform poorly if it is surrounded by too much supply.
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Discipline comes from the marketplace, from fear of loss and the consequences that come from overindulgence.
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I am very focused on understanding the downside. And I have a pretty good track record, but it’s not perfect. You can’t play at this level without some pretty big highs and lows.
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Some might see buying and creating value from others’ mistakes as a form of exploitation, but I see it as giving neglected or devalued assets, in any industry, new life.
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For me, business is not a battle to be waged — it’s a puzzle to be solved.
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I do know, at least in my business, luck must certainly be enhanced by a keen sense of awareness.
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Analysts generally regard the stock market as the passive reflection of investors’ expectations. But in fact, it is an active force in shaping them.
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Equilibrium applies best only to markets that deal with known quantities. But financial markets deal with quantities that are not only largely unknown but unkownable.
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People always have this emotional relationship with stocks, and once they have been bitten by something, it takes a while to get back into it.
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One of the biggest mistakes investors make is to look at the last few years and assume that’s the new norm.
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You have to learn to profit from market fluctuations rather than suffer from them.
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Opportunity arises when the gap between reality and perception becomes significant.
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Maybe it makes me old-fashioned, but investing to me is about owning great companies for many, many years.
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I believe the reasons for selling a stock should be harmonized with the reasons for buying it.
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In the end, we have to sell when basically the reasons for purchasing a company in the first place are not valid anymore.
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