The value of market esoterica to the consumer of investment advice is a different story. In my opinion, investment success will not be produced by arcane formulae, computer programs or signals flashed by the price behavior of stocks and markets. Rather an investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.
Sometimes your best investments are the ones you don't make.
Occasionally we are asked whether it would make sense to modify our investment strategy to perform better in today's financial climate. Our answer, as you might guess, is: No! It would be easyfor us to capitulate to the runaway bull market in growth and technology stocks. And foolhardy. And irresponsible. And unconscionable. It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.
The best investment you can make is in yourself.
Investment success accrues not so much to the brilliant as to the disciplined.
Very successful people say no to almost everything.
Do not put all your eggs in one basket.
Investment success does not require glamour stocks or bull markets.
Investors should remember that excitement and expenses are their enemies.
You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process is knowing where to look for opportunities
Long-term investment success is almost totally a function of how one emotionally handles declines in the equity market, as opposed to how one's portfolio handles them.
Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
. . . not doing what we love in the name of greed is very poor management of our lives.
Investment success cannot be captured in a mathematical equation or a computer program.
Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
Having great clients is the key to investment success.
In the world of business, the people who are most successful are those who are doing what they love.
Don't put all your eggs in one basket.
