Quotes

If you’re going to invest in stocks for the long term, or real estate, of course, there are going to be periods when there's a lot of agony and other periods when there's a boom. I think you just have to learn to live through them.

I've always believed that nothing was worth an infinite price.

The world is not driven by greed. It’s driven by envy.

The principle of "managed" investment trusts is absolutely sound, granted only one premise. The premise is that there are somewhere people of such experience and insight that they can predict with some sort of accuracy the future behavior of securities.

As a science, I should say that chart reading shares a pedestal with astrology; but most chart readers have far too much education and mental discipline to consider astrology seriously.

There has always been a considerable number of pathetic dopes who busy themselves examining the last thousand numbers which have appeared on a roulette wheel, in search of such a repeating pattern. Sadly enough, they have usually found it.

People would rather believe that they have been robbed than that they have been fools on the advice of fools.

Although expectations of the future are supposed to be the driving force in the capital markets, those expectations are almost totally dominated by memories of the past. Ideas, once accepted, die hard.

A few holdings with radically different types of market behavior will do more to smooth out the pattern of portfolio returns than 50 or 100 holdings that move up and down together.

If we take a long look at the performance of common stocks over recorded market history, we find that they have indeed been a good investment -- providing, of course, that the investor has had a hundred years or so to play the market.

Volatility is often a symptom of risk but is not a risk in and of itself. Volatility obscures the future but does not necessarily determine the future.

Risk means the chance of being wrong -- not always in an adverse direction, but always in a direction different from what we expected.