I didn’t spend any time predicting the economy, or the stock market. I spent all my time looking at companies.
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Risk-taking is an inevitable ingredient in investing, and in life, but never take a risk you do not have to take.
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I view diversification not only as a survival strategy but as an aggressive strategy, because the next windfall might come from a surprising place.
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There is evidence that the stock market is more efficient in processing information about what other investors are doing than it is in processing fundamental information about the underlying assets, which is why stock prices so often turn out with hindsight to have been crazy rather than rational.
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The greatest risks are the risks that we don’t see and the most difficult problem is in preparing in advance for that kind of thing.
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The trick in risk management is in recognizing that normal is not a state of nature, but a state of transition and that trend is not destiny.
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The only time you’re really diversified is when you have assets you don’t want to own.
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I don’t think volatility is an altogether irrelevant proxy for risk, even though, to a cool, dispassionate investor with a long-term time horizon, volatility is wonderful.
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People spend an unbelievable amount of mental energy trying to pick what the market’s going to do, what time of the year to buy it. It’s just not worth it.
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It’s very understandable to have a quick, sizable correction, even if the fundamentals are fine.
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I have lost a lot of money in some bad savings and loans. I have lost money in bad banks. And I have lost money in electronics companies. It is very easy to lose money in the stock market.
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So the stock market will definitely have a correction. Everybody will say that it is the end of the world. I predict it. They will say the big one’s coming.
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At some point, we will have a major correction and everybody will get scared again, and we will have another buying opportunity.
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I’ve been fully invested at the start of all the major declines and I will be fully invested in the next one. I am not a market predictor, that’s for darn sure.
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We just try to buy cheap stocks. That’s really all. We try to buy things that are out of favor – stocks that others don’t want.
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Lots of times when you buy a cheap stock for one reason, that reason doesn’t pan out but another reason does because it’s cheap.
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One of the tricks of this business is, keep your losses down and then, if you have a few good breaks, the compounding works well for you.
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I don’t think investing is a science. I rather look at it as part art and part science with some boundaries.
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We would rather underperform in a huge bull market than get clobbered in a really bad bear market.
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Short sellers are the market’s police officers. If short selling were to go away, the market would levitate even more than it currently does.
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Price is the essential determinant in every investment equation. At some price, every company is a buy; at some price, every company is a hold; and at a still higher price, every company is a sell. We do not really recognize the concept of a value company.
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