And if a person sets out to make profits from security purchases and sales, he is embarking on a business venture of his own, which must be run in accordance with accepted business principles if it is to have a chance of success.
A careful selection of a few investments (or a few types of investment) having regard to their cheapness in relation to their probable actual and potential intrinsic value over a period of years ahead and in relation to alternative investments at the time.
It is difficult to accept uncertainty. It is tempting to try and escape it by kidding ourselves and each other, but that is liable to land us in greater difficulties.
When investing, we view ourselves as business analysts – not as market analysts, not as macroeconomic analysts, and not even as security analysts
There won’t be many seven footers out there. The vast majority of stocks don’t measure up and can be ignored.
It is value investing pure and simple with a concentrated portfolio, but the companies must have really good growth prospects.
The best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return
We must be content with hunches and alternative scenarios instead of determinate predictions
Here were financial people who could seriously consider stocks less safe because they have declined in price
If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never
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