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!
When you buy a depressed company it's not going to go up right after you buy it, believe me.
A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?
Try to buy assets at a discount than to buy earnings.
You never really know a stock until you own it.
We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
Be sure that debt does not exceed 100% of the equity.
If the stock goes down we want to buy more.
If the market is so cheap, you want to get something with a little more zip in it, or potential.
I'm not very good on timing. In fact, I've stayed away from it.
Look for companies that do not have a lot of debt.
One of the tricks of this business is, keep your losses down.
If you are honest, hardworking, reasonably intelligent and have good common sense, you can do well in the investment field as long as you are not too greedy and don't get too emotional when things go against you.
Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks.
Look at companies selling at new lows.
If there are not too many value stocks that I can find, the market isn't all that cheap.
If the market were way over priced, I wouldn't own any stocks.
Basically, we try to buy value expressed in the differential between its price and what we think its worth.
I found that it was much better to look at the figures rather than people.
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.
We like to buy stocks which we feel are undervalued and then we have to have the guts to buy more when they go down.
Timidity prompted by past failures causes investors to miss the most important bull markets.
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.
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