When stocks are rising for no better reason than that they have risen, the greater fool is at work.
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Stocks are not lottery tickets. There’s a company behind every stock. If the company does well, the stock does well. It’s not that complicated.
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If you can’t explain to a 10-year-old in two minutes or less why you own a stock, you shouldn’t own it.
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When you have a family, and a house, and the market is going down, and you’re on margin, it’s probably too much pressure for you to do the right research and the right kind of thinking to make good decisions.
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My system for over 30 years has been this: When stocks are attractive, you buy them.
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People who have made money in the stock market usually bought companies that have done well over time.
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Every economic recovery since World War II has been preceded by a stock market rally. And these rallies often start when conditions are grim.
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Even in good markets we have declines and trying to predict its direction over the near term is an exercise in futility.
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It would be very useful to know what the market is going to do. But unfortunately, of all the market corrections that have ever come, no one has been able to predict them.
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Every great money manager I’ve ever met, all they want to talk about is their mistakes. There’s a great humility there.
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I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere.
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It’s not as simple as having timid people and bold people. Some people will be risk averse in one circumstance and not so averse in another. It’s oversimplifying human nature to think we can put people into those two categories as the only psychological measure we use.
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The problem with the markets is that they are just like people, and individual investors can easily get confused.
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I would like to see more volatility in the markets. Small shocks remind us that a bigger shock might occur. And, we protect ourselves to some extent.
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People are guided largely by intuition, and it’s sometimes shocking the way they think.
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Guessing at the future rate of interest is, in my opinion, one of the most puzzling problems in the world.
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The game of professional investment is intolerably boring and overexacting to anyone who is entirely exempt from the gambling instinct; whilst he who has it must pay to this propensity the appropriate toll.
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A lifetime of investment research has taught me to become more and more humble about making predictions.
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It appears that capital gains are one of the few remaining ways in which an enterprising American can build or augment a fortune.
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The difficulty of determining what any stock is really worth is very great indeed. No two security analysts will agree on the worth of a stock, or even on the definition of the word.
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It’s good to buy a large company with fine businesses when the price is beaten down over worry about one problem.
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