Warren spends 70 hours a week thinking about investing .
Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and the best office building. Would you feel like a poor, undiversified investor? No! But as soon as you get into stocks, people feel this way. Partly, people need to justify their fees.
I tried to follow Ben Graham's ideas.
We do not spend a great deal of time talking to management.
When you buy a depressed company it's not going to go up right after you buy it, believe me.
Sell is tough. It's the worst, it's the most difficult thing of all.
You never get the high and you never get the low.
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.
You have to be a little aware of the emotions of the people who have invested with you.
Warren is a very good judge of people and he's a very good judge of businesses.
You know, people tend to like to buy companies that are doing well.
We like to buy stocks which we feel are undervalued and then we have to have the guts to buy more when they go down.
You have to invest the way that's comfortable for you.
Fear and greed tend to affect one's judgement.
I found that it was much better to look at the figures rather than people.
If the stock goes down we want to buy more.
Basically, we try to buy value expressed in the differential between its price and what we think its worth.
Ben was a very simple straightforward man with a brilliant quick mind.
Book values have some good and some bad features.
I don't have a ticker-tape machine in my office.
People don't like to buy things that are going down.
I have been around a long time and Wall Street has changed a lot.
Most look at earnings and earnings potential, well I can't get into that game.
Look for companies that do not have a lot of debt.
You never really know a stock until you own it.
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