Quotes

Our investments are simply not aware that it takes 365 ¼ days for the earth to make it around the sun.

The availability of a quotation for your business interest (stock) should always be an asset to be utilized if desired. If it gets silly enough in either direction, you take advantage of it. Its availability should never be turned into a liability whereby its periodic aberrations, in turn, formulate your judgments.

I am willing to trade the pains (forget about the pleasures) of substantial short term variance in exchange for maximization of long term performance. However, I am not willing to incur risk of substantial permanent capital loss in seeking to better long term performance.

The evaluation of securities and businesses for investment purposes has always involved a mixture of qualitative and quantitative factors.

Any form of hyper-activity with large amounts of money in securities markets can create problems for all participants.

I will not abandon a previous approach whose logic I understand even though it may mean foregoing large and apparently easy, profits to embrace an approach which I don’t fully understand, have not practiced successfully and which, possibly, could lead to substantial permanent loss of capital.

I have observed many cases of habit patterns in all activities of life, particularly business, continuing (and becoming accentuated as years pass) long after they ceased making sense.

We live in an investment world, populated not by those who must be logically persuaded to believe, but by the hopeful, credulous and greedy, grasping for an excuse to believe.

Price is what you pay. Value is what you get.

It is possible for an old, overweight ballplayer, whose legs and batting eye are gone, to tag a fastball on the nose for a pinch-hit home run, but you don't change your line-up because of it.

I have always found it easier to evaluate weights dictated by fundamentals than votes dictated by psychology.

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.