Quotes

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.

People are guided largely by intuition, and it’s sometimes shocking the way they think.

Guessing at the future rate of interest is, in my opinion, one of the most puzzling problems in the world.

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.

A lifetime of investment research has taught me to become more and more humble about making predictions.

It appears that capital gains are one of the few remaining ways in which an enterprising American can build or augment a fortune.

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.

The idea of indexing isn't something I believe in or would follow.

It's good to buy a large company with fine businesses when the price is beaten down over worry about one problem.

The stock market does have a life of its own.

Forecasting is a notoriously underpaid profession, and extremely risky to boot, so I avoid it.

The market's very emotional but over time, doing something logical and systematic does work. The market eventually gets it right.