- Our average holding period is four years
- Have patience. Stocks don’t go up immediately
- When you buy a depressed company it’s not going to go up right after you buy it, believe me
- When I buy a stock that is depressed it hardly ever turns around immediately, but something good will happen after
- My first job at Graham-Newman was to prepare the annual report for that 10th year
- If the market were way overpriced, I wouldn’t own any stocks
- Make sure you have the courage to stay true to your convictions and not let the market affect your emotions
- 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
- I don’t like stress and prefer to avoid it, I never focus too much on market news and economic data. They always worry investors
- Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks
- My job was to find stocks that were undervalued
- 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
- If a stock is cheap, I start buying
- If the stock goes down we want to buy more
- I never put a stop loss on my holdings because if I like a stock in the first place, I like it more if it goes down
- Somehow I find it difficult to buy a stock that has gone up
- Just because we think a stock is undervalued doesn’t mean we’re right. We may be wrong in our judgment, don’t be arrogance, stay humble and humility
- One of the things you learn in this business is humility because you see your mistakes the next day
- We just try to buy cheap stocks. That’s really all. We try to buy things that are out of favor – stocks that others don’t want
- Investing is an art, and we tried to be as logical and unemotional as possible
- Basically, we try to buy value expressed in the differential between its price and what we think it’s worth
- Buy stocks where the outlook is not good
- Most look at earnings and earnings potential, well I can’t get into that game
- I like the idea of company-paid dividends
- Try to buy assets at a discount than to buy earnings
- People don’t like to buy things that are going down
- If you are honest, hardworking, reasonably intelligent and have good common sense, you can do well in the investment field as long as you are not too greedy and don’t get too emotional when things go against you
- Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper
- Ben was really a contrarian but he didn’t use those terms because he was really buying value
- I agree with Warren to keep it simple and not use higher mathematics in your analysis
- When it comes to investing, my suggestion is to first understand your strengths and weaknesses, and then devise a simple strategy so that you can sleep at night
- Use book value as a starting point to try and establish the value of the enterprise, be sure that debt does not exceed 100% of the equity
- Before selling, try to re-evaluate the company again and see where the stock sells in relation to its book value
- Don’t sell on bad news
- Prefer stocks over bonds. Bonds will limit your gains and inflation will reduce your purchasing power
- We get a feeling, if we can, about what we think the company is worth
- Don’t buy on tips or for a quick move
- Use book value as a starting point to try and establish the value of the enterprise
- Managements, you know, often think of themselves
- A lot of companies have lots of assets tied up in plant and equipment. Well, is it an old plant, or is it a new plant?
- We may buy a little bit of stock, to get our feet wet and get a feeling for it
- Try not to let your emotions affect your judgment
- One of the tricks of this business is, keep your losses down, Graham liked the idea of protection on the downside
- I’m not very good at timing. In fact, I’ve stayed away from it
- You have to have confidence in what you’re doing
- Stockbrokers aren’t too interested in a stock you can sit there for five years with
- I’m a passive investor. There are people who are very aggressive; they try to buy companies
- Making a decision to sell is the most difficult thing we do
- Earnings can change dramatically. Usually, assets change slowly
- Have a philosophy of investment and try to follow it
- Look at companies selling at new lows
- Price is the most important factor to use in relation to the value
- We don’t put the same amount of money in each stock
- Don’t be afraid to be a loner but be sure that you are correct in your judgment
- Try to look for weaknesses in your thinking
- Have the courage of your convictions once you have made a decision
- Don’t be in too much of a hurry to sell
- Be aware of the level of the stock market. Are yields low and PE ratios high?
- If the market is so cheap, you want to get something with a little more zip in it, or potential
- We do not spend a great deal of time talking to management
- Timidity prompted by past failures causes investors to miss the most important bull markets
- My goal was never just to bring value to my investors, but also to do what’s right for those who trusted me
- One of the tricks of this business is, keep your losses down and then, if you have a few good breaks, the compounding works well for you
- Some kinds of stocks are easier to analyze than others
- Ben’s emphasis was on protecting his expectation of profit with minimum risk
- I helped Ben with the third edition of Security Analysis, published in 1951
- Try to establish the value of a company, Remember that a share of stock represents a part of a business and is not just a piece of paper
- This is a business. Like any other business
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