I make no attempt to forecast the general market — my efforts are devoted to finding undervalued securities.
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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.
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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.
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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.
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I like dealing with someone who is not trying to figure how to get the fixtures in the executive washroom gold-plated.
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Investment decisions should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
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It is obvious that a variation of merely a few percentage points has an enormous effect on the success of a compounding (investment) program. It is also obvious that this effect mushrooms as the period lengthens.
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Our business is making excellent purchases — not making extraordinary sales.
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More investment sins are probably committed by otherwise quite intelligent people because of “tax considerations” than from any other cause.
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The addition of the one-hundredth stock simply can’t reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.
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I believe the investor operates at a distinct advantage when he is aware of what path his thought process is following.
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We don’t buy and sell stocks based upon what other people think the stock market is going to do (I never have an opinion) but rather upon what we think the company is going to do.
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The course of the stock market will determine, to a great degree, when we will be right, but the accuracy of our analysis of the company will largely determine whether we will be right. In other words, we tend to concentrate on what should happen, not when it should happen.
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Our investments are simply not aware that it takes 365 ¼ days for the earth to make it around the sun.
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The availability of a quotation for your business interest (stock) should always be an asset to be utilized if desired. If it gets silly enough in either direction, you take advantage of it. Its availability should never be turned into a liability whereby its periodic aberrations, in turn, formulate your judgments.
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I am willing to trade the pains (forget about the pleasures) of substantial short term variance in exchange for maximization of long term performance. However, I am not willing to incur risk of substantial permanent capital loss in seeking to better long term performance.
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The evaluation of securities and businesses for investment purposes has always involved a mixture of qualitative and quantitative factors.
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Any form of hyper-activity with large amounts of money in securities markets can create problems for all participants.
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I will not abandon a previous approach whose logic I understand even though it may mean foregoing large and apparently easy, profits to embrace an approach which I don’t fully understand, have not practiced successfully and which, possibly, could lead to substantial permanent loss of capital.
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I have observed many cases of habit patterns in all activities of life, particularly business, continuing (and becoming accentuated as years pass) long after they ceased making sense.
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We live in an investment world, populated not by those who must be logically persuaded to believe, but by the hopeful, credulous and greedy, grasping for an excuse to believe.
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It is possible for an old, overweight ballplayer, whose legs and batting eye are gone, to tag a fastball on the nose for a pinch-hit home run, but you don’t change your line-up because of it.
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