When it comes to investing, my suggestion is to first understand your strengths and weaknesses, and then devise a simple strategy so that you can sleep at night!
We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
When you buy a depressed company it's not going to go up right after you buy it, believe me.
Be sure that debt does not exceed 100% of the equity.
You never really know a stock until you own it.
A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?
Timidity prompted by past failures causes investors to miss the most important bull markets.
Look for companies that do not have a lot of debt.
Most look at earnings and earnings potential, well I can't get into that game.
Devise a simple strategy so you can sleep at night.
We do not spend a great deal of time talking to management.
If there are not too many value stocks that I can find, the market isn't all that cheap.
If the stock goes down we want to buy more.
If the market were way over priced, I wouldn't own any stocks.
Don't sell on bad news.
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.
Try to buy assets at a discount than to buy earnings.
Don't be in too much of a hurry to sell.
Have the courage of your convictions once you have made a decision.
Enjoy your work and have ethical standards.
Book values have some good and some bad features.
You have to have patience in this field.
Earnings can change dramatically. Usually assets change slowly.
I find it helpful to buy near the low of the last few years.
Some kinds of stocks are easier to analyse than others.
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