The average trader is naturally a chronic bull. It is human nature to prefer optimism to pessimism.
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In a public service corporation, bad management may curtail profits or produce losses, good management may turn a weak corporation into a strong one.
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Most useful and most dangerous are the stock market averages, most useful in revealing the general trend of the market, most dangerous if they mislead the trader into forgetting that, after all, his profits depend on the movements of the individual stocks in which he deals.
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In analyzing stocks, industrials or otherwise, the speculator must constantly bear in mind that no two companies are strictly comparable. He must always be prepared to make due allowance for points of unlikeness.
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Stocks often sell at ridiculously low levels for considerable periods merely because few people know anything about them.
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To lose money is the conventional penalty for bad judgment in speculation.
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I’ve thought a lot of things when I’m managing money with great, great conviction, and a lot of times I’m wrong. And when you’re betting the ranch and the circumstances change, you have to change, and that’s how I’ve always managed money.
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The stock market itself seems to be mainly driven by fashions and fads. However, when you look at individual stocks, it’s a different story, because individual stocks are much more diverse, and some of them can be predicted to perform well over the long run.
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After a stock market decline, people may perceive more risk than before when, in fact, the decline may have taken some of the risk out of the market.
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Wall Street has this wonderful business about how to create transactions. They set up what we believe are false expectations, and that’s what I call the “beat by a penny, missed by a penny syndrome.”
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People say the market is overvalued, but if you are only looking at certain names, you will always find times when those names are undervalued. That’s what we’re waiting for.
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If you are selling because of a missed earnings report or the trend of the market or something, you’ve stopped looking at the rate of return the company can achieve over time.
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When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.
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Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation.
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There is no clear evidence from experience that the investment policy which is socially advantageous coincides with that which is most profitable.
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In point of fact, all sorts of considerations enter into the market valuation which are in no way relevant to the prospective yield.
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Day-to-day fluctuations in the profits of existing investments, which are obviously of an ephemeral and non-significant character, tend to have an altogether excessive, and even an absurd, influence on the market.
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Diversification is a safety factor that is essential because we should be humble enough to admit we can be wrong.
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See the investment world as an ocean and buy where you get the most value for your money.
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I never in all my life bought a stock because I liked it. I bought it because it was a cheaper bargain than any similar stock I would buy anywhere in the rest of the world.
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In all my 60 years in the stock market, I never found anyone whose opinion of what the stock market would do next week or next month was worth heeding.
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Whenever you get a wild excess on the upside, the following correction doesn’t just go back to normal; it almost always falls way below normal.
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Through reluctance to sell, more than one investor has avoided the capital gains tax but lost the capital gain itself.
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