One of the tricks of this business is, keep your losses down.
Stockbrokers aren't too interested in a stock you can sit there for five years with.
When I buy a stock, I have kind of an idea where I want to sell it.
I'm a passive investor. There are people who are very aggressive; they try to buy companies.
We don't put the same amount of money in each stock.
We may buy a little bit of a stock, to get our feet wet and get a feeling for 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?
If the market is so cheap, you want to get something with a little more zip in it, or potential.
If there are not too many value stocks that I can find, the market isn't all that cheap.
Remember that a share of stock represents a part of a business and is not just a piece of paper.
Use book value as a starting point to try and establish the value of the enterprise.
Don't buy on tips or for a quick move.
Don't sell on bad news.
Try to look for weaknesses in your thinking.
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.
Devise a simple strategy so you can sleep at night.
Life is like a giant smorgasbord of more delicious alternatives than you can ever hope to taste. So you have to reject having some things you want in order to get other things you want more.
By and large, life will give you what you deserve and it doesn't give a damn what you like. So it is up to you to take full responsibility to connect what you want with what you need to do to get it, and then to do those things.
You'll see that excuses like "That's not easy" are of no value and that it pays to "push through it" at a pace you can handle. Like getting physically fit, the most important thing is that you keep moving forward at whatever pace you choose, recognizing the consequences of your actions.
I believe that for the most part, achieving success - whatever that is for you - is mostly a matter of personal choice and that, initially, making the right choices can be difficult.
There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes.
I have found that by looking at what is rewarded and punished, and why, universally - i.e., in nature as well as in humanity - I have been able to learn more about what is "good" and "bad" than by listening to most people's views about good and bad.
Though how nature works is way beyond man's ability to comprehend, I have found that observing how nature works offers innumerable lessons that can help us understand the realities that affect us.
I believe that our society's "mistake-phobia" is crippling, a problem that begins in most elementary schools, where we learn to learn what we are taught rather than to form our own goals and to figure out how to achieve them. We are fed with facts and tested and those who make the fewest mistakes are considered to be the smart ones, so we learn that it is embarrassing to not know and to make mistakes. Our education system spends virtually no time on how to learn from mistakes, yet this is critical to real learning.
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