The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
The single greatest edge an investor can have is a long-term orientation.
People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.
You must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.
The best protection against risk is knowing what you are doing.
I think markets will never be efficient because of human nature.
The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.
Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure.
Loss avoidance must be the cornerstone of your investment philosophy.
In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.
Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing.
We worry top-down, but we invest bottom-up
Over the long run, the crowd is always wrong.
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.
Never stop reading. History doesn't repeat, but it does rhyme.
Sometimes buying early on the way down looks like being wrong, but it isn't.
If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
The trick of successful investors is to sell when they want to, not when they have to.
We are big fans of fear, and in investing it is clearly better to be scared than sorry.
Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.
It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.
Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.
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