Quotes

The single most important thing, if you want to avoid a lot of stupid errors, is knowing where you’re competent and where you aren’t. Knowing the edge of your own competency. And that’s very hard to do because the human mind naturally tries to make you think you’re way smarter than you are.

I think the management should tell it like it is at all times and not be a big promoter of its own stock.

I think people have the theory that any intelligent, hard-working person can get to be a great investor. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. But I don't think everybody can be a great investor.

I'm constantly making mistakes where I can, in retrospect, realize that I should have decided differently. And I think that that is inevitable because it's difficult to be a good investor.

The kind of executives who have a Buffet-like mindset and never get in trouble are a minority group, not a majority group.

I think all good investing is value investing, and it's just that some people look for values in strong companies and some look for values in weak companies, but every value investor tries to get more value than he pays for.

I didn't get rich by buying stocks at a high price-earnings multiple in the midst of crazy speculative booms, and I'm not going to change.

It is easy, of course, to pick out good companies, companies that are better than other companies. But that is not the same thing as picking out good stocks to buy at their current prices.

If you have an opinion about the level of prices, it should be an opinion based upon your concept of the values of securities in relation to price, rather than on any prophecy or expectation of changes or of the continuance of a given moment.

I am skeptical about stock market forecasting by anybody, and particularly by bankers.

I don’t think the objective of investment should ever be to take a risk in order to get a return. I think the objective of shrewd investment should be to find opportunities which offer a larger return than the average, combined with adequate safety.

The only sound distinction in investment policies for one type of investor or another is based not on his financial position but on his financial competence and financial preparation.