Quotes of All Topics . Occasions . Authors
It's incredibly important to note that when you don't allow failure, you get more failure.
By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.
We work really hard never to get confused with what we know from what we think or hope or wish.
When people give away stocks based on forced selling or fear that is usually a great opportunity.
Investing today may well be harder than it has been at any time in our three decades of existence.
A value strategy is of little use to the impatient investor since it usually takes time to pay off.
Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.
Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.
If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.
In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.
Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.
All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come
Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.
Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity
Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient
Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.
Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.
A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.
Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.
I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.
Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.
Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.
Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?
In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.
When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focusing on risk.
If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.
The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.
Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.
When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.
Benjamin Graham wrote, "Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap."
The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.
If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.
Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.
It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.
There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold, and at another it's a sell.
The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.
Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.
Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.
We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science
In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
You probably would not choose to dine at a restaurant whose chef always ate elsewhere. I do eat my own cooking, and I don't "dine out" when it comes to investing.
People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.
Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.
A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.
Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.