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!
Timidity prompted by past failures causes investors to miss the most important bull markets.
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.
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.
If there are not too many value stocks that I can find, the market isn't all that cheap.
Be sure that debt does not exceed 100% of the equity.
If the market were way over priced, I wouldn't own any stocks.
Devise a simple strategy so 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?
We do not spend a great deal of time talking to management.
If the stock goes down we want to buy more.
Don't sell on bad news.
Try to buy assets at a discount than to buy earnings.
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.
Don't be in too much of a hurry to sell.
Enjoy your work and have ethical standards.
Have the courage of your convictions once you have made a decision.
I find it helpful to buy near the low of the last few years.
Book values have some good and some bad features.
You have to invest the way that's comfortable for you.
Earnings can change dramatically. Usually assets change slowly.
You have to have patience in this field.
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