Quotes

Value to some extent is in the eye of the beholder. It is very hard to pin down what the value of a future set of cash flows from a business, be it cable TV or biotechnology, is going to be.

When the next fear-inspired panic occurs, investors' finger-pointing will almost certainly be aimed outward, while a good part of the blame should instead be directed inward.

People seeking answers to why the market plunged usually emphasize the immediate events that precipitated a selling panic, when in fact these events are but minor symptoms of much more severe underlying problems.

Being very early and being wrong look exactly the same 99% of the time.

Mutual fund managers, desperate to put cash to work don't buy what is cheap but what is working since what is cheap by definition hasn't been working.

If the market's going wild and you want to be in it, you either have to lower your standards to stay in the game or you buy stuff which may not participate because it's not part of the game at that time.

Just because we think a stock is undervalued doesn't mean we're right. We may be wrong in our judgment.

I like the idea of having a little action. That may not be good from a logical point of view, but it's good from an emotional point of view.

Be careful of leverage. It can go against you.

If you don't like to lose money and it affects your judgment, don't buy things that can go down a great deal.

One of the things you learn in this business is humility because you see your mistakes the next day.

The problem in investing, I think, is timing. You may be right. But in the long run, we're all dead. Even if you're right, if it takes 20 years to work out, it can be a disaster.