Quotes

I think that the future of equity investment, when it is made at a reasonable price, is a promising one, and one that deserves the confidence of those interested in the investment field.

The broad pattern of market action in the past is the best guide to the future -- but it is not an infallible guide.

Economic events rarely unfold in the way stock-market people forecast them.

Allied to the general pattern of market movements is the general pattern of speculative thinking.

Experience shows that when really cheap issues are scarce the general market is high; but we do not present this as an infallible principle.

It is a great mistake to refine the analysis of a single year's showing to the last possible penny, in order to build from that some substantial idea of the value of the stock; because it cannot be found in the results for any given year no matter how accurately those results were stated.

I'm bearish when companies' profits go to hell.

The stock market has a 100% record, in the last 50 years, of predicting upturns in the economy. It's never been wrong. It's less than 50-50 on a downturn.

You're going to make mistakes. If you're terrific in this business you're right six times out of 10.

I want a company that's simple. They don't have to make seven brilliant decisions every six months to keep going.

I've always found that if you find 10 stocks you really like and buy three, you always pick the wrong three. So I just buy all 10.

No matter how complete and accurate an analysis may be, there is always a possibility either of some new condition arising to belie your conclusions, or else of the market refusing to act in accordance with your just expectations.