Investing Quotes - Page 18

• Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

  Benjamin Graham

  Fall, Opportunity, Significant

  Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

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• In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.

  Charlie Munger

  Winning, Variables, Maximizing

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• We're not forcing people... you can support and be a supporter, but if you go beyond that and become a member, [and] if you're a businessman, your business will multiply... Everything you touch will multiply. I've always said that a wise businessperson will support the ANC... because supporting the ANC means you're investing very well in your business.

  Jacob Zuma

  Wise, Mean, People

  Jacob Zuma'sremarks at the 101st Anniversary Gala Dinner of the African National Congress in Durban, January 12, 2013.

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• I suppose if I were younger, I would be investing in Africa.

  Julian Robertson

  Would Be, Ifs

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• My advice to this investor is the same that I give to the young investors in my classes Devote the same earnest attention to investing that $50,000 as you devoted to earning it.

  Ivan Boesky

  Earning It, Class, Giving

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• The key to making money in angel investing is saying no. You meet with 100 companies and say no to 99 of them.

  Kevin Rose

  Angel, Keys, Saying No

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• Experience taught me to listen to your gut, no matter how good something sounds on paper.

  Donald Trump

  Investing Money, Entrepreneur, Paper

  Donald J. Trump, Tony Schwartz (2009). “Trump: The Art of the Deal”, p.28, Ballantine Books

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• I plan to eliminate regulations that hinder domestic companies, particularly large conglomerates from investing in other companies.

  Lee Myung-bak

  Regulation, Plans, Company

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• We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.

  Warren Buffett

  Filters, Seconds

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• The more cash that builds up in the treasury, the greater the pressure to piss it away.

  Peter Lynch

  Cash, Pressure, Treasury

  Peter Lynch (2012). “One Up On Wall Street: How To Use What You Already Know To Make Money In”, p.205, Simon and Schuster

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• The deeper one delves, the worse things look for actively managed funds.

  William J. Bernstein

  Looks, Deeper, Fund

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• Wall Street is littered with the bones of those who knew just what to do, but could not bring themselves to do it.

  William J. Bernstein

  Wall, Bones, Streets

  William J. Bernstein (2009). “The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between”, John Wiley & Sons

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• No one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an operating theater and open a belly. And yet they think nothing of managing their retirement assets. I've done all three, and I'm here to tell you that managing money is, in its most critical elements even more demanding than the first two.

  William J. Bernstein

  Retirement, Airplane, Thinking

  "Behavioral Finance And Indexing". Interview with Murray Coleman, www.etf.com. June 12, 2008.

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• Hint: money flows into most funds after good performance, and goes out when bad performance follows.

  John C. Bogle

  Hints, Flow, Fund

  John C. Bogle (2012). “The John C. Bogle Reader”, p.1137, John Wiley & Sons

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• Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors.

  John C. Bogle

  Return, Surprise, Mutual Fund

  John C. Bogle (2010). “The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns”, p.48, John Wiley & Sons

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• The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.

  Warren Buffett

  Believe, Mean, Years

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• The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

  Warren Buffett

  Mean, Winning, Groups

  "Berkshire’s Corporate Performance vs. the S&P 500". "2007 Chairman’s letter" by Warren Buffett, Fanciful Figures – How Public Companies Juice Earnings, p.18, www.berkshirehathaway.com. February, 2008.

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• The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.

  Warren Buffett

  Views, People, Relax

  "CNBC Exclusive: Liz Claman Interviews Warren Buffett, Berkshire Hathaway Chairman & CEO, Live at the Company's Annual Shareholder's Meeting in Omaha, Nebraska on "Squawk on the Street"". "Squawk On The Street" with Liz Claman, www.cnbc.com. May 7, 2007.

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• Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor's tool kit.

  Warren Buffett

  Long, Tools, Use

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• The distribution of the market is fat-tailed relative to the normal distribution... For passive investors, none of this matters, beyond being aware that outlier returns are more common than would be expected if return distributions were normal.

  Eugene Fama

  Would Be, Matter, Return

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• Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers.

  Eugene Fama

  Zero, Winning, Games

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• I can't figure out why anyone invests in active management, so asking me about hedge funds is just an extreme version of the same question. Since I think everything is appropriately priced, my advice would be to avoid high fees. So you can forget about hedge funds.

  Eugene Fama

  Thinking, Advice, Would Be

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• The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

  Benjamin Graham

  Simple, Years, Trying

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• Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.

  Michael Lewis

  Wall, Army, Dollars

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• The S&P is up 343.8 percent for 10 years. That is a four-bagger. The general equity funds are up 283 percent. So it's getting worse, the deterioration by professionals is getting worse. The public would be better off in an index fund.

  Peter Lynch

  Years, Would Be, Deterioration

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