Successful investing is about managing risk, not avoiding it.
The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
The intelligent investor is a realist who sells to optimists and buys from pessimists.
To be an investor you must be a believer in a better tomorrow.
Investing isn't about beating others at their game. It's about controlling yourself at your own game.
In the short run, the market is a voting machine, but in the long run it is a weighing machine.
Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.
The intelligent investor is likely to need considerable will power to keep from following the crowd.
Buy not on optimism, but on arithmetic.
The essence of investment management is the management of risks, not the management of returns.
Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
A great company is not a great investment if you pay too much for the stock.
An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
Individuals who cannot master their emotions are ill-suited to profit from the investment process.
It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
The value of any investment is, and always must be, a function of the price you pay for it.
Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.
It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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