Be careful of leverage. It can go against you.
When I buy a stock, I have kind of an idea where I want to sell it.
People don't like to buy things that are going down.
Be aware of the level of the stock market. Are yields low and PE ratios high?
I find it helpful to buy near the low of the last few years.
I'm not very good on timing. In fact, I've stayed away from it.
You never get the high and you never get the low.
We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
Devise a simple strategy so you can sleep at night.
You have to have patience in this field.
Make sure you have the courage to stay true to your convictions and not let the market affect your emotions.
Price is the most important factor to use in relation to value.
Have the courage of your convictions once you have made a decision.
Buy stocks where the outlook is not good.
Making a decision to sell is the most difficult thing we do.
Most look at earnings and earnings potential, well I can't get into that game.
Try not to let your emotions affect your judgement.
Enjoy your work and have ethical standards.
One of the tricks of this business is, keep your losses down.
We do not spend a great deal of time talking to management.
Look at companies selling at new lows.
Stockbrokers aren't too interested in a stock you can sit there for five years with.
Book values have some good and some bad features.
Remember that a share of stock represents a part of a business and is not just a piece of paper.
Have a philosophy of investment and try to follow it.
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