In investing, nothing beats the discovery of an undervalued stock, no matter what the nature of its business or the past trend of its earnings.
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Neither regulation nor memory is a perfect protection against the will to delude one’s self or others. If people are sufficiently persuaded of their own wizardry or that of others, they and their money will be separated.
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Economists, when they seek to be profound, often succeed only in being wrong.
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Many things are possible in Wall Street. But neither there nor anywhere else has a man ever prospered by trying to hog it.
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In Wall Street, what has happened before will happen again. It must, as you will admit if you stop to think about it.
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The trading favorites of 1928 were high-priced, untried, and unseasoned stocks that made one wonder whether the public did not think that the higher the price the better the stock.
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It is one of the common pieces of Wall Street experience that when the public goes stock mad and the market leaders are filled with the arrogance of prolonged success, such little things as high money rates or decreases in earnings or unraised dividends have no instant effect on the market — that is, on the state of mind of the speculating public. In the end, of course, all violations of the fundamental laws of economic and financial common sense are paid for; but every bull thinks he will unload before the break.
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“Easy money” means only one thing when it means money that has come easy: It means money goes even more easily than it came.
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Happy is the man who has no past! The same seems to be true of corporations in a bull market.
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Buying stocks of prosperous concerns may be good business — but only at a certain price. But if you will make sure you know what you are getting for your money, you will be doing what nobody does in a bull market.
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The P/E ratio is only a reflection of what most investors expect to happen at a point in time, and that is neither here nor there in terms of what actually will happen.
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Neither the corporate executive nor the investment manager can allow himself to be lulled into the belief that any company, regardless of its record of achievement, must necessarily provide satisfactory rates of growth.
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All stocks are “two-decision” stocks; and no such thing as a “one-decision” stock exists.
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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.
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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.
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I do strongly urge that we be as cautious as ever in reposing too great confidence in men of great financial position.
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Liquidity is a concern of the short-term investor and a minor matter for the long-term investor.
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The lesson of history is that norms are never normal forever. Paradigm shifts belie blind faith in regression to the mean.
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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.
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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.
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Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
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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.
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The actual results of an investment over a long term of years very seldom agree with the initial expectation.
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When people think there’s easy money available, they’re not inclined to change.
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