Quotes

You can't go to sleep holding cyclical stocks for a decade and expect to be richly rewarded. The rich rewards are in growth stocks and special situations.

Here's my investment motto of the month: It's the company, stupid.

My idea of a great business is one that has a shortage of competitors.

It's in the nature of Wall Street to imagine that whenever a company sets a record for earnings, it will go on setting new ones.

In cyclicals, a period of silly prices is followed by a period of sobriety.

In my investing career, the best gains usually have come in the third or fourth year, not in the third or fourth week or the third or fourth month.

With every company, there is something to worry about, but the question is, which worries are valid and which are not?

Cyclicals are very forgiving. They always give you a second chance.

"This one is different," is the doomsayer's litany, and, in fact, every recession is different, but that doesn't mean it's going to ruin us.

Every recession brings out the skeptics who doubt that we will ever come out of it, and who predict that we will soon fall into a depression, when new cars will sit unsold in the showrooms forever and houses will stand empty, and the country will go bankrupt.

The best time to get involved with cyclicals is when the economy is at its weakest, earnings are at their lowest, and public sentiment is at its bleakest.

Just because the good news is already out doesn't mean it's too late to invest.