I have stressed management, but even so, I haven’t stressed it enough. It is the most important ingredient.
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It’s not what industry you’re in, it’s what you’re doing right that your rivals haven’t yet figured out.
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If some of the most astute people in Wall Street have frequently guessed wrong in trying to profit by stock market movements, it may not be too much to assume that the attempt itself has represented a misconception of the proper function of management.
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My stocks sometimes get overpriced, but in the long run this kind of company, if you can find it, will outperform the market and the economy. The worst thing you can do is try to catch the swings, sell out too soon and be afraid to buy back in.
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The big profits I have made were through very long planning, waiting and watching.
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Common stocks properly selected and long-range will prove so attractive that I don’t believe that other forms of assets are a more attractive or suitable vehicle.
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Buy slowly stocks of companies that will capitalize on the problems of scarcity and social need. Companies with excellent management.
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I think it is more conservative in the long run to be in a company that is really progressing and really has an edge.
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I am vitally interested in companies that are going to survive, but I don’t think a big cap company is necessarily one that will.
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I want companies that welcome dissent, rather than stifle it, that don’t penalize people who criticize what management is doing.
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My business is to find unusual companies and judge whether the price is too high.
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The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors.
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The inescapable fact is that the value of an asset, whatever its character, cannot over the long term grow faster than its earnings do.
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You want to be greedy when others are fearful. You want to be fearful when others are greedy. It’s that simple.
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The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislatures. The inflation tax has a fantastic ability to simply consume capital.
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The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.
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The business schools reward complex behavior more than simple behavior, but simple behavior is more effective.
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To some degree, I’m betting on the continuation of what is now. I’m not betting it will continue exactly, but I’m betting against dramatic discontinuities.
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We don’t go into companies with the thought of effecting a lot of change. That doesn’t work any better in investments than it does in marriages.
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I feel the same way about managing that I do about investing: It’s just not necessary to do extraordinary things to get extraordinary results.
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You need a temperament that neither derives great pleasure from being with the crowd or against the crowd because this is not a business where you take polls, it’s a business where you think.
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The first rule of an investment is: Don’t lose. And the second rule of investment is: Don’t forget the first rule. And that’s all the rules there are.
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