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!
People don't like to buy things that are going down.
I found that it was much better to look at the figures rather than people.
Basically, we try to buy value expressed in the differential between its price and what we think its worth.
Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks.
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.
Making a decision to sell is the most difficult thing we do.
Ben was really a contrarian but he didn't use those terms because he was really buying value.
Managements, you know, often think of themselves.
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.
I like the idea of company-paid dividends.
Price is the most important factor to use in relation to value.
My first job at Graham-Newman was to prepare the annual report for that 10th year.
Have patience. Stocks don't go up immediately.
I'm a passive investor. There are people who are very aggressive; they try to buy companies.
Our average holding period is four years.
Stockbrokers aren't too interested in a stock you can sit there for five years with.
All the publicity about value investing - it's become a very popular thing.
You have to have confidence in what you're doing.
When I buy a stock, I have kind of an idea where I want to sell it.
Yes, Warren has done very well.
Ben was a great believer in buying a diversified group of securities, so that he limited his risk.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
This is a business. Like any other business.
I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.
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