Quotes

My approach to bonds is pretty much like my approach to stocks. If I can't understand something, I tend to forget it.

The single most important decision in evaluating a business is pricing power. If you've got the power to raise prices without losing business to a competitor, you're got a very good business. And if you have to have a prayer session before raising the price by a tenth of a cent, then you've got a terrible business.

The road to successful investing is paved with independence of spirit, decisiveness, and the courage of one's convictions.

While majority opinion can give any market movement considerable momentum that keeps it going in the same direction, majority opinion is inevitably and consistently wrong at turning points.

Stock prices reflect the obvious, not the obscure.

The history of the stock market shows many periods of twenty years or more when stock prices ended up precisely where they began.

The strength of our economy is that it is dynamic and always adapting to changing conditions. That's our advantage in the world.

Suppose you bought a stock cheap when it was a relatively obscure situation, and then a half-dozen Wall Street firms started cheering for the stock at the same time. I'd get concerned and think about selling. I don't like bandwagons. I'd rather do my own thing.

The very top officers of a company ought to have the equivalent of one year's salary invested in the company. If they can't demonstrate such faith in their own ability, why should I?

If the balance sheet figures look right, I come to the next and hardest part -- appraising management.

We don't invest for income. If you invest soundly for growth, the income follows.

I'm an optimist, both as a person and an investor. It's a big mistake to be pessimistic as long as we have a viable civilization which is reasonably well managed.