Investing Quotes - Page 15

The expected never happens; it is the unexpected always.

The idea that a bell rings to signal when investors should get into or out of the stock market is simply not credible. After nearly fifty years in this business, I do not know of anybody who has done it successfully and consistently. I don't even know anybody who knows anybody who has done it successfully and consistently. Yet market timing appears to be increasingly embraced by mutual fund investors and the professional managers of fund portfolios alike.

The grim irony of investing, then, is that we investors as a group not only don't get what we pay for, we get precisely what we don't pay for. So if we pay for nothing, we get everything.

Investors, most of them, have a herd mentality. They want to invest only if other people are investing

Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.

The price pattern reminds you that every movement of importance is but a repetition of similar price movements, that just as soon as you can familiarize yourself with the actions of the past, you will be able to anticipate and act correctly and profitably upon forthcoming movements.

Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.

If (investing) weren't a little difficult, everybody would be rich.

The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension fund consultants to get fees prattling about and a way for one advisor to distinguish himself from another. But, to me, all intelligent investing is value investing.

Learn how to ignore the examples from others when they are wrong, because few skills are more worth having.

To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.

You don't get what you want from investing, you get what you deserve.

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

An investor calculates what a stock is worth, based on the value of its businesses.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

The ability to say no is a tremendous advantage for an investor.

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

Enjoy your work and have ethical standards.

Book values have some good and some bad features.

Have the courage of your convictions once you have made a decision.

I find it helpful to buy near the low of the last few years.

You have to have patience in this field.

Don't be in too much of a hurry to sell.