Nobody knows what the stock market is going to do or even what it ought to do. Hence, the most valuable asset in all business, which is knowledge, is necessarily absent.
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In the history of every great catastrophe, you will find that some masterly bit of stupidity sets fire to the oil-soaked rags.
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Wall Street in boom days is an aggregation of madmen. The Stock Exchange becomes Bedlam well dressed.
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In the beginning of a stock market boom it is ever the “dear public,” the fleecy lambs, the most guileless victims, who make the most money. They really do not know when to stop winning, and so in the end they lose profit and principal.
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Greed is a bandage which a higher power sometimes binds across the eyes of reason.
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Fortunes are made and lost by thousands of men in the stock market; they are made and kept by a few dozen.
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I’m a very blocking and tackling kind of a thinker. I just try and avoid being stupid.
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All successful investment involves trying to get into something where it’s worth more than you’re paying.
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Over the long-term, big companies of America behave more like biology than they do anything else. In biology, all the individuals die and so do all the species. It’s just a question of time. And that’s pretty well what happens in the economy too.
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A lot of smart people think they’re way smarter than they are, and therefore they do worse than dumb people. And it’s very common to be utterly brilliant and think you’re way the hell smarter than you are.
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I’m a big fan of knowing the big ideas in pretty much all the disciplines — the ones that are pretty easy to assimilate — and then using those routinely in your judgments. That’s just my system.
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If you want to succeed in investments, start early and try hard and keep doing it. All success comes that way, by and large.
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When investors — individual and institutional alike — engage in far more trading –inevitably with one another — than is necessary for market efficiency and ample liquidity, they become, collectively, their own worst enemies.
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There is one law I believe in, which I call elasticity. That is simply an intuitive non-scientific term for the law of regression to the mean. What goes up does not have to come down, but what goes up a lot more than everything else, frequently has to lay fallow for a long time while much else catches up.
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Cash really hurts if you hold it very long in an equity market that is compounding at close to 20% per annum.
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For social and sentimental reasons, people have a propensity to want to do really dumb things from time to time.
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I think you have to be an undying optimist, and perhaps a Pollyanna to enjoy and to be successful at managing common stock portfolios over a long period of time.
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One thing all of us know for sure is that the stock market doesn’t go down just because a lot of folks think that it has entered the heart of looney land.
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To beat the market is not easy. In addition to a good investment manager, the investor needs perspective, patience, and courage — qualities that do not abound in today’s intensely competitive world.
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The investment counsel business, as it is traditionally practiced, and probably as it should be practiced, is a simple process of making sure that clients never have so much risk exposure that their capital or standard of living can be impaired by some specific negative surprise.
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There’s an old market saying about stocks to the effect that they all go down together.
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Nothing so gives the illusion of intelligence as personal association with large sums of money.
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It’s natural for people to think their own civilization and their own nation is better than everybody else, but everybody can’t be better than everybody else.
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Failure will give you a tattoo that will stay with you your whole life, and sometimes it’s a really good thing.
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