You and I have never liked each other, Rose. If I’ve got to kill someone, it might as well be you.
You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.
Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental truths.
The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most effective ways of achieving good long term results.
When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.
I try to keep in mind Oscar Wilde's comment that "saints always have a past and sinners always have a future," so no investment should be ruled out simply on the basis of past history. We focus on liquidation analysis and liquidation analysis alone.
Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.
Patrice O'Neal is the best comic I ever saw.
Just do what you believe in, and success will follow.
Anticipation is the greater part of pleasure.
A piece of advice if I may be allowed to give it, is that no philosophy, no creed, no God is worth more than the love that one human being may give and receive in their lifetime – this is what is meant by being ‘involved’.