I always look for red flags. My major red flag all the time is when long governments yield 600 basis points over the yield on the S&P 500. At that point, stocks have always been overpriced.
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I learned how to work on what’s cheap. I became a total believer. To this day I think that is the only way to invest.
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You know, we make mistakes. Some go from 12 to 10 and we sell them. Some go from 20 to nothing. In a 10-year period, you are going to have one or two that go from 20 to nothing. If you have more, it is bad.
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It’s not the answers that make you good in this business, it’s the questions you ask. If you ask the right questions you will always find out more than the next guy.
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The goal is to make good returns with less risk. Risk is not the same as volatility. It’s very hard to measure risk.
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My mission isn’t to make money in bull markets. My mission is to preserve capital.
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Consistency and patience are crucial. Most investors are their own worst enemies. Endurance enables compounding.
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I’ve studied the Constitution and the Bill of Rights, and I don’t see anywhere that we have to have a recession every four years. I don’t see why you can’t have a decent environment for years and years.
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I have learned that the great opportunities are the places that have been neglected, where other people are not looking.
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The very best investors are the ones who invest according to their own psyche. You find that their investment styles are consistent with their personalities, their intellects, their approaches to work. It’s not somebody else’s style; it’s their own, and it’s deeply ingrained.
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Humility is an enormously important quality. You can’t win without it. Survival in the end is where the winners are by definition, and survival begins with humility.
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There is a considerable tendency for common stock investors to do the greater part of their buying, both of “good” and “bad” securities, at high levels of the market. They are equally inclined to do the greater part of their selling at low levels of the market, a procedure which is not conducive to successful results.
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My own opinion is that the selection of individual securities is a matter partly of a special kind of judgment and insight, and partly of a good deal of security analysis training.
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I think I am safe in asserting that the margin trader, speculator, gambler, or whatever you choose to designate the average man who goes to Wall Street after easy money, does not lose money when he sells. He loses it when he buys!
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The human animal never behaves as wisely as he means to, particularly when his counselor is Hope or Fear.
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It is a curious fact that although all booms are alike, all are different.
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Periods of depression invariably follow periods of overoptimism, when fear replaces hope as the controlling emotion.
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You can’t imagine how many shrewd, experienced business men forget in Wall Street what it took them years to learn.
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Intelligent speculators and investors who do not play the market feverishly do not need to spend the day beside a ticker or before a quotation board.
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Anything that helps make addicts out of occasional traders should be avoided as if it were the bubonic plague.
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