"Investing requires qualities of temperament way more than it requires qualities of intellect."
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Investing quotes (page 11 of 46)
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"In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth."
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"The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable."
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"One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise."
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"If I have any claim to originality, I do it by investing my own personality into it, so it's coming from a slightly more sardonic, English point of view."
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"You should expect little or nothing from Wall Street stock pickers who hope to be more accurate than the market in predicting the future of prices. And you should not expect much from pundits making long-term forecasts."
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"Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling."
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"The sillier the market's behavior, the greater the opportunity for the business like investor."
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"Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues."
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"For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold."
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"If fees consume more than 1% of your assets annually, you should probably shop for another adviser."
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"The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason."
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"It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings."
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"The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age"."
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"If Bill Gates woke up with Oprah's money he'd jump out the window."
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"There is not the slightest indication that nuclear energy will ever be obtainable. It would mean that the atom would have to be shattered at will."
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"You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else."
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"If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it."
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"We enjoy the process far more than the proceeds."
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"Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them."
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