Selling an asset is a decision that absolutely must not be considered in isolation.
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I figure that I want to swim as well as I can against the tides. I’m not trying to predict the tides.
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When you get to these frenzied markets, it drives managements or portions of managements to hanky-panky.
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A lot of people can’t bear to sell when a stock’s price is going up. They’re convinced that they’ve made a mistake if they don’t hold out for the last dollar.
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The thesis underlying everything, whether you’re an actively managed fund or a passive fund, is that the U.S. will be OK. If you don’t believe that, you shouldn’t be in the stock market.
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A lot of people when they get negative on the market put 50% in cash, but unfortunately a lot of times when you get to that position it’s just about when the market’s about to rally.
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My record on long shots is horrible. A tiny airline I recommended two years ago went bankrupt.
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Maybe you’re right 5 or 6 times out of 10. But if your winners go up 4- or 10- or 20-fold, it makes up for the ones where you lost 50%, 75%, or 100%.
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The man who is sure improvement is coming can buy on the basis of current less favorable conditions, and thus derive the full benefit of the betterment — if it materializes.
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It is important to make sure that one is not lured by rash enthusiasm into commitments at levels greatly above those soundly warranted by the financial set-up and the earnings record.
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We look at the management of corporations that tend to overstate or massage profits as promoters. And that is a kind word.
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If you are a long term investor, you don’t have to worry about market psychology.
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I think there is a mindset among many professional investors that if I go down the drain, well it is o.k. as long as everyone else is going down the drain with me.
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I have a great belief that everything is cyclical in life, particularly in the investment world.
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Whether you’re investing in art or in securities, no one should confuse value and price.
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At the end of every day, I look at my stocks that went up and wish I had more and look at the ones that went down and wish I had less. It’s human nature.
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If I had to name one factor that dominates human bad decisions, it would be what I call denial.
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I think I’m pretty good at long run expectations, but I don’t think I’m good at short-term wobbles. I don’t have the faintest idea what’s going to happen short term.
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The stock market’s been the best place to be over the last 10 years, 30 years, 100 years. But if you need the money in 1 or 2 years, you shouldn’t be buying stocks.
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In the stock market, the most important organ is the stomach. It’s not the brain.
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I think it’s dangerous to buy companies that everyone thinks are excellent and that are relatively slow-growth companies.
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I believe in stocks. If you look at the returns of the last 72 years, stocks are the undisputed champs.
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