Quotes

Risk is about how we make decisions, and only incidentally about the math that we employ to reach those decisions.

Risk is about dealing with problems to which there is no certain solution.

Investing for the long run works only as long as people don't believe it.

You can’t forecast multiples.

When inflation is low, you feel that you know more about the future, and are much more willing to take risks.

Gold, much more so than any other commodity, is about sentiment and psychology.

No stock picker knows so much that he can't learn a trick or a tip from a peer.

Sometimes it's necessary to look at familiar companies in new ways.

The harsh truth is that yesterday's reinvention doesn't mean as much as today's execution and tomorrow's competition. Just as old companies sometimes have to learn new tricks, new companies have to keep changing.

Don't buy "cheap" stocks just because they're cheap. Buy them because the fundamentals are improving.

Stocks do well for a reason and do poorly for a reason. Make sure you know the reasons.

One of the oldest sayings on Wall Street is "Let your winners run, and cut your losers." It's easy to make a mistake and do the opposite, pulling out the flowers and watering the weeds.