The secret to investing is to figure out the value of something - and then pay a lot less.
A country does not go bankrupt.
A true luxury is a reward for investing in and developing a real asset.
In the financial world it tends to be misleading to state, "There is no free lunch. " Rather the more meaningful comment is, "Somebody has to pay for lunch. "
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
The returns from investing in poor people are just as great as the returns from investing in the business world. . . and have even more meaning
Managements, you know, often think of themselves.
The only intelligence investing is value investing. . . to acquire more than one is paying for.
Investing is not a natural science but rather a social science. So, it's never purely empirical; what you are trying to do is everything you possibly can to enhance your probabilities of being right more often than being wrong.
As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.
Generally speaking, investing in yourself is the best thing you can do. Anything that improves your own talents; nobody can tax it or take it away from you. They can run up huge deficits and the dollar can become worth far less. You can have all kinds of things happen. But if you’ve got talent yourself, and you’ve maximized your talent, you’ve got a tremendous asset that can return ten-fold.
In business, competition is never as healthy as total domination.
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
Investing is forgoing consumption now in order to have the ability to consume more at a later date.
The successful investor is usually an individual who is inherently interested in business problems.
The deeper one delves, the worse things look for actively managed funds.
In the financial markets, hindsight is forever 2020, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
There are two kinds of people who lose money: those who know nothing and those who know everything.
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.