Unless you are that rarest of birds, someone who is cool under the rapid-fire, high-pressure decision making required to maximize your returns, let others take such risks, and allow your portfolio to plug along at a slower speed. In investing, tortoises tend to win far more often than hares over the turns of the market cycle.
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Volatility provokes the constant dread that some investors know more than we do, making us fearful of ignoring such powerful price movements.
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Many people pride themselves on being “long-term investors,” but acting deliberately when prices are bouncing around is not so easy.
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Markets are shaped by what I call “memory banks.” Experience shapes memory; memory shapes our view of the future.
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While we can learn from the long run about how bonds and stocks respond to changing environments and to each other, the long run can tell us perilously little about what kinds of environments lie ahead.
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The long run is a benchmark that helps us to understand the short run, where nothing ever stands still.
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Faith in the long run is the most powerful force that drives investment decisions.
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Risk in our world is nothing more than uncertainty about the decisions that other human beings are going to make and how we can best respond to those decisions.
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In the end, the value of your portfolio is not what somebody tells you is likely to happen over the long run but how much other investors out there are going to be willing to pay you for your assets.
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The fact is that strategies that perform sub-optimally under certain market conditions can work surprisingly well in others.
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What other people are doing in the market is not relevant to what you’re doing.
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The best companies often thrive even as their competitors struggle to survive.
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When there’s a war going on, don’t buy the companies that are doing the fighting; buy the companies that sell the bullets.
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If you’re lucky enough to have one golden egg in your portfolio, it may not matter if you have a couple of rotten ones in there with it.
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I can’t say enough about the fact that earnings are the key to success in investing in stocks. No matter what happens to the market, the earnings will determine the results.
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If a stock has gone sideways for a couple of years, and the fundamentals are decent, and you can find something new that’s positive in the company, then if you’re wrong, the stock will probably continue to go sideways, and you won’t lose a lot of money. But if you’re right, that stock is going north.
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The history of business the world over is full of examples of businesses which have grown from modest beginnings to stupendous earning power.
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The novice soon learns that stocks are likely to maintain an upward or downward trend for long periods of time with minor interruptions of the major trend.
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One point movements may be likened to the ripples of the stock market, whose occurrence may be influenced by so great a multitude of factors that it is impossible to forecast them. Ten-point movements may perhaps be compared to waves.
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The general state of business thus does not forecast the course of stock prices except in the apparently paradoxical fashion that great prosperity affords an advantageous time for selling stocks, extreme business depression an opportunity for purchase.
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The fabric of civilization today is woven of millions of threads. No spot in it is so strong that it will not feel some effect from a weakening at any point.
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Just as in the realm of pugilism, a few years of soft living will make a Dempsey easy prey for a Tunney, so a period of prosperity contains the seeds of its own destruction.
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