If I have to bite at stuff that is out of my happy zone, I’m not a .334 hitter
Robust decision-making embraces many plausible futures, then helps analysts and decision makers identify near-term actions that are robust across a very wide range of futures
Buffett analyzed companies more subjectively than Graham, and he found intrinsic value in companies, such as See’s Candies, that Graham would not have touched.
A group with a high anchor were prepared to pay three times as much for the same wine as a group with a low anchor
Too many investors focus on “outlook” and “trend.” Therefore, more profit is made by focusing on value
Something that is over and above what is strictly necessary and that is designed to provide for emergencies
Is buying with a margin of safety really the closet practice of market timing?
If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying
There is a lot of talk currently about the underperformance of value stocks compared with growth stocks over the last fifteen years. In fact, value investing has performed well against all other styles. This seeming contradiction comes from the fact that value investing and investing in value stocks are not the same thing.