I look at situations and act when I think the problems are temporary. I believed if you could buy assets with sufficient ability to carry them then over time you could not lose.
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Early on I adopted a philosophy I call the Eleventh Commandment, “Thou shalt not take thyself too seriously,” and it became a governing principle in my life. Big investment deals can get heady at times, and it can be easy to start thinking your brand is bigger than your performance.
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In any negotiation I believe in leaving a little bit on the table. And in any relationship I believe in sharing the stakes.
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I have a saying: “If everyone is going left, look right.” Conventional wisdom is nothing to me but a reference point.
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Real estate investment decisions do not lend themselves to macroeconomic issues. Real estate is a local market, by definition. lt is not possible to focus on national trends; one must focus on local issues and characteristics.
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Reputation is your most important asset. Everything you do, everything you say, is part of the permanent record. Your name reflects your character.
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When it is all said and done I am a professional opportunist. What has always intrigued and attracted me are scenarios where I believe there is significant inherent value beyond the price I am paying.
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The very important basic premise of what really is a fair deal is a deal where everybody makes money, both the sponsor and the stockholder. That is what it is all about.
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Reliance on historical perspectives must be tempered by individual market analysis.
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Do I think 100-story buildings were ever economical? No. They were just phallic symbols in an environment where we lived in la-la land and thought we were never vulnerable.
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The ability to outperform in the financial market requires creativity, vision, and the ability to see things that others cannot see.
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If you cannot look inside yourself and know that you have a special gift, indexing the majority of your assets makes the most sense.
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You can’t be a good value investor without being an independent thinker – you’re seeing valuations that the market is not appreciating. But it’s critical that you understand why the market isn’t seeing the value you do.
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We may forgive ourselves for owning a market dullard when the rest of the market is also in the doldrums, but it is disheartening to see one’s favorite resting as quietly as a castor-oil bottle while the rest of the market goes gaily upward.
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It is foolhardy to shut our eyes and buy just any stock because of prospects for a substantial rise in the general averages. Though in a bear market nearly every stock goes down, in a bull market not all stocks advance.
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It is probable that more money was lost after the panic of ’29 than during the panic, because prices then seemed so low that people didn’t pause to consider whether prices were low on the way up or on the way down.
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Crowd enthusiasm, always greatest at the peak of a market, more often leads sensible men to behave foolishly. Nevertheless, the aim should be to have one’s self well enough in hand to be immune to outbursts of mass emotion.
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It is dangerous for any speculator to set up preconceived ideas as to how low or how high a stock or a group of stocks should go. His judgment should be formed from a series of observations, continuous from the time of his original purchase.
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Vanity makes men sell good stocks and keep poor ones in times of distress. They don’t mind disposing of gilt-edged stocks which show a profit — the very ones which might finally make up the losses on others.
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The more a business serves others, and the more problems they solve, the more profitable they will be and the more an investor in those enterprises should make.
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An old saying is that in a bull market, your time horizons grow longer and longer. In a bear market, they grow shorter and shorter.
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It’s a personal quirk of mine that when the CEO shows up on magazine covers as a celebrity, I’m automatically hesitant to invest in the stock.
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What publicly-traded companies are worth is roughly 90% dominated by the cash flows they produce over time and 10% by what the market will pay for these types of companies at any given time.
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