Show me the incentive and I'll show you the outcome. Never, ever, think about something else when you should be thinking...
I don't invest in what I don't understand. And I don't invest in things where I can't see durable competitive advantages...
A man who wants to catch fish needs to go where there are fish. A man who wants good investments needs to go where there...
If it's too hard, pass on to something else. I don't have to make money in every game. I just have to find a few good op...
In the short run, the market is like a voting machine, tallying up which firms are popular and unpopular. But in the lon...
It is in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't...
The market is always making mountains out of molehills and molehills out of mountains. It overreacts to everything. And ...
The key organ in investing is the stomach, not the brain. Everyone has the brainpower to make money in stocks. Not every...
A decline of 10% is a correction, a decline of 25% is a bear market, and a decline of 50% happens roughly once every gen...
If you spend more than 13 minutes analyzing economic and market forecasts, you've wasted 10 minutes.
Know what you own, and know why you own it. If you can't explain it to a ten-year-old in two minutes or less, you should...
In this business, if you're good, you're right six times out of ten. You're never going to be right nine times out of te...
I place stocks in six general categories: slow growers, stalwarts, fast growers, cyclicals, turnarounds, and asset plays...
When the stock market is at its lowest, nobody talks about stocks at cocktail parties. When taxi drivers and dentists st...
The amateur investor has advantages over the professional. You can find great investments right in your own backyard — t...
Investing without research is like playing stud poker and never looking at the cards. You have to study the company befo...
The perfect stock is attached to a company doing something dull or ridiculous. A company that does boring things is almo...
The P/E ratio of any company that's fairly priced will equal its growth rate. If the P/E is lower than the growth rate, ...
Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been ...
People who succeed in the stock market also accept periodic losses and setbacks. Losses and setbacks are key to eventual...
Behind every stock is a company. Find out what it's doing. If the company is doing well, the stock will eventually follo...
The individual investor should act consistently as an investor and not as a speculator. The amateur who devotes a small ...
If you can follow only one bit of data, follow the earnings — assuming the company in question has earnings. The directi...
The investor should impose some limit on the price he will pay for an issue in relation to its earnings. A strong balanc...
The company should have a long record of paying dividends and no earnings deficit in the last five years. Consistent ear...
An uninterrupted record of paying dividends for at least 20 years is a positive quality factor. Dividends signal managem...
To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder tha...
The investor's chief problem — and even his worst enemy — is likely to be himself. Before deciding on an investment, you...
The defensive investor should confine his holdings to the shares of important companies with long records of profitable ...
Buy stocks of companies selling at less than their net current asset value — that is, below the value of current assets ...
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