Beauty appears when something is completely and absolutely and openly itself.
I bought stuff at 3. 5 cents once and I thought it can’t go down to zero. It can.
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.
You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.
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.
Resurrection means that the worst thing is never the last thing.
Its best to live as if it were the first and last day of my life.
My idol was Jack Benny and he was the master of subtlety and timing.
The Framework Agreement is one of the best things the [Clinton] Administration has done because it stopped a nuclear weapons program in North Korea.