Quotes

In this business, if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

If you looked at September 1986 to October '87, the market was unchanged. It had a thousand points up and a thousand points down and they only remember the down.

I've always said if you spend 13 minutes a year on economics, you've wasted 10 minutes.

I deal in facts, not forecasting the future.

Some stocks go up 20-30 percent and they get rid of it and hold onto the dogs. And it's sort of like watering the weeds and cutting out the flowers. You want to let the winners run.

I think the secret is if you have a lot of stocks, some will do mediocre, some will do okay, and if one or two of 'em go up big time, you produce a fabulous result.

For some reason, you lose money rapidly in the stock market but don't make it rapidly.

You can lose money very fast, in two months, but you very rarely make money very fast in the stock market. When I look back, my great stocks took a long time to work out.

We naturally fear the unknown, and the future is always unknown.

Diversification of risk matters not just defensively, but because it maximizes returns as well, because we expose ourselves to all of the opportunities that there may be out there.

No matter how calm you are, no matter how long term an investor you are, no matter what your horizons, when the market is jumping around, you feel uncertainty in your gut and it's hard to resist that.

Volatility gets you in the gut. There's no question that when prices are jumping around, you feel different from when they're stable.