Have patience. Stocks don't go up immediately.
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 do not spend a great deal of time talking to management.
You have to be a little aware of the emotions of the people who have invested with you.
Fear and greed tend to affect one's judgement.
Some kinds of stocks are easier to analyse than others.
Buy stocks where the outlook is not good.
I like the idea of company-paid dividends.
Ben was a great believer in buying a diversified group of securities, so that he limited his risk.
Stockbrokers aren't too interested in a stock you can sit there for five years with.
Managements, you know, often think of themselves.
Be sure that debt does not exceed 100% of the equity.
Be aware of the level of the stock market. Are yields low and PE ratios high?
I helped Ben with the third edition of Security Analysis, published in 1951.
Warren is a very good judge of people and he's a very good judge of businesses.
By setting up Berkshire Hathaway, Warren has done everything very rationally.
Book values have some good and some bad features.
I have been around a long time and Wall Street has changed a lot.
Try not to let your emotions affect your judgement.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
When I buy a stock, I have kind of an idea where I want to sell 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?
Don't buy on tips or for a quick move.
I find it helpful to buy near the low of the last few years.
When you buy a depressed company it's not going to go up right after you buy it, believe me.
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