Citations de John Bogle

Toutes les Citations de John Bogle

1. "Never overpay for a security, no matter how exciting the story. The price you pay determines your return. Discipline in valuation is the foundation of investment success."

   Source: The Little Book of Common Sense Investing (2007)

   Discipline in valuation determines investment success.

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2. "Always estimate the intrinsic value of a business before investing. Compare price to value, not price to past price. The gap between price and value is where profits are made."

   Source: The Little Book of Common Sense Investing (2007)

   Compare price to intrinsic value, not to past prices.

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3. "Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."

   Source: The Little Book of Common Sense Investing (2007)

   Quality businesses compound wealth and reduce risk.

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4. "Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."

   Source: The Little Book of Common Sense Investing (2007)

   Identify sustainable competitive moats before investing.

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5. "Not all earnings are equal. Look for recurring, cash-backed earnings rather than accounting profits. High-quality earnings are predictable, sustainable, and convertible to free cash flow."

   Source: The Little Book of Common Sense Investing (2007)

   Evaluate earnings quality, not just quantity.

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6. "The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."

   Source: The Little Book of Common Sense Investing (2007)

   Stay within your circle of competence.

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7. "Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."

   Source: The Little Book of Common Sense Investing (2007)

   Develop deep expertise, not surface knowledge.

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8. "Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."

   Source: The Little Book of Common Sense Investing (2007)

   Expand expertise gradually, one area at a time.

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9. "Markets are driven by fear and greed. The disciplined investor exploits these emotions rather than being controlled by them. Emotional control is the key competitive advantage."

   Source: The Little Book of Common Sense Investing (2007)

   Exploit market emotions rather than being controlled by them.

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10. "Understanding crowd psychology is essential. When everyone agrees, the opportunity has usually passed. The best time to act is when the crowd is most fearful or most confident."

    Source: The Little Book of Common Sense Investing (2007)

    Act when the crowd is at emotional extremes.

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11. "The best investments often feel uncomfortable because they go against popular opinion. If everyone loves a stock, it's probably overpriced. If everyone hates it, investigate."

    Source: The Little Book of Common Sense Investing (2007)

    Good investments often feel uncomfortable.

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12. "Before considering how much you can make, consider how much you can lose. Risk management is not about avoiding risk entirely, but about understanding and controlling it."

    Source: The Little Book of Common Sense Investing (2007)

    Consider the downside before the upside.

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13. "The cardinal rule of investing: buy only when the price is significantly below your conservative estimate of intrinsic value. This builds in protection against error."

    Source: The Little Book of Common Sense Investing (2007)

    Buy only at prices well below intrinsic value.

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14. "The stock market is a no-called-strike game. You don't have to swing at every pitch. Wait for the fat pitch — the opportunity that offers exceptional risk-reward."

    Source: The Little Book of Common Sense Investing (2007)

    Wait for exceptional risk-reward opportunities.

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15. "Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."

    Source: The Little Book of Common Sense Investing (2007)

    Follow pre-defined sell criteria without emotion.

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16. "Regularly review whether your original reasons for owning a stock still hold. If the facts change, change your mind. Holding a broken thesis is the costliest mistake."

    Source: The Little Book of Common Sense Investing (2007)

    Regularly challenge your original investment thesis.

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17. "After every sell, review the outcome. Did you sell too early, too late, or at the right time? Post-mortems on sell decisions improve future judgment."

    Source: The Little Book of Common Sense Investing (2007)

    Post-mortem every sell decision to improve.

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18. "Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."

    Source: The Little Book of Common Sense Investing (2007)

    Use insights from multiple disciplines for better decisions.

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19. "Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."

    Source: The Little Book of Common Sense Investing (2007)

    Think in probabilities, not certainties.

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20. "Instead of asking how to succeed, ask how to avoid failure. Inverting problems often reveals insights that forward thinking misses."

    Source: The Little Book of Common Sense Investing (2007)

    Invert problems to find insights forward thinking misses.

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21. "A clear investment philosophy provides an anchor in turbulent times. Know what you believe, why you believe it, and stick to it when tested."

    Source: The Little Book of Common Sense Investing (2007)

    A clear philosophy anchors you in turbulent times.

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22. "Focus on process, not outcomes. A good process can produce bad outcomes in the short run, but will generate superior results over time."

    Source: The Little Book of Common Sense Investing (2007)

    Good process outperforms lucky outcomes over time.

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23. "Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."

    Source: The Little Book of Common Sense Investing (2007)

    Judge management by actions, not words.

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24. "Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."

    Source: The Little Book of Common Sense Investing (2007)

    Industry structure shapes investment outcomes.

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25. "The most important skill for a CEO is capital allocation. Evaluate how management deploys capital — do they create or destroy value with their decisions?"

    Source: The Little Book of Common Sense Investing (2007)

    Evaluate management's capital allocation skills.

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26. "The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."

    Source: The Little Book of Common Sense Investing (2007)

    Investment principles apply to life too.

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27. "The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."

    Source: The Little Book of Common Sense Investing (2007)

    Knowledge compounds like interest for investors.

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28. "The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."

    Source: The Little Book of Common Sense Investing (2007)

    Seek quality businesses at fair prices.

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29. "Never invest in a business you cannot explain in simple terms. If you can't describe why a company is valuable, you don't understand it well enough to own it."

    Source: The Little Book of Common Sense Investing (2007)

    Only invest in what you can explain simply.

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30. "Look for investments where a specific catalyst will unlock value. Without a catalyst, even cheap stocks can remain undervalued indefinitely."

    Source: The Little Book of Common Sense Investing (2007)

    Identify specific catalysts that will unlock value.

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31. "The greatest enemy of the investor is himself. Fear, greed, regret, and pride cause more losses than any economic event. Master your emotions to master the market."

    Source: The Little Book of Common Sense Investing (2007)

    Master your emotions to master the market.

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32. "Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention."

    Source: The Little Book of Common Sense Investing (2007)

    Know your behavioral biases to avoid them.

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33. "Think independently. The crowd is often wrong at extremes, and following popular opinion is a reliable path to mediocre returns. Form your own informed views."

    Source: The Little Book of Common Sense Investing (2007)

    Think independently from the crowd.

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34. "The market exists to serve you, not to guide you. Use market prices to your advantage — buy when the market offers bargains and sell when it offers premiums."

    Source: The Little Book of Common Sense Investing (2007)

    Use the market as your servant, not your guide.

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35. "Markets move in cycles driven by human emotion. Understanding where you are in the cycle helps you prepare for what comes next and position accordingly."

    Source: The Little Book of Common Sense Investing (2007)

    Understand where you are in the market cycle.

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36. "In the short run, the market is a voting machine; in the long run, it's a weighing machine. Prices can diverge wildly from value, but eventually converge."

    Source: The Little Book of Common Sense Investing (2007)

    Prices diverge from value short-term but converge long-term.

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37. "A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."

    Source: The Little Book of Common Sense Investing (2007)

    A systematic approach ensures consistent investing.

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38. "Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."

    Source: The Little Book of Common Sense Investing (2007)

    Use checklists to prevent investment oversights.

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39. "There is no amount of money that will ever be enough for someone who doesn't know what enough is. Define your enough."

    Source: Enough: True Measures of Money, Business, and Life (2008)

    Define what "enough" means to avoid endless wealth accumulation.

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40. "Don't peek at your portfolio constantly. The more you look, the more likely you are to make an emotional mistake."

    Source: Bogle interviews (2015)

    Constant portfolio monitoring encourages harmful impulsive changes.

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41. "A rough rule: hold your age in bonds. A 30-year-old might hold 30% bonds, a 60-year-old 60% bonds."

    Source: Bogle on Mutual Funds (1993)

    Bond allocation should roughly match your age percentage.

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42. "Your asset allocation - the mix of stocks, bonds, and cash - is the most important investment decision you'll make."

    Source: The Little Book of Common Sense Investing (2007)

    Asset allocation determines most of your investment returns.

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43. "Fund returns tend to revert to the mean. Yesterday's winners become tomorrow's losers, and vice versa."

    Source: Common Sense on Mutual Funds (1999)

    Past fund performance rarely predicts future success.

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44. "Simplicity is the master key to financial success. The winning strategy is the simplest: own the market, keep costs low, stay the course."

    Source: Enough: True Measures of Money, Business, and Life (2008)

    The simplest investment strategy is often the winning one.

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45. "Time in the market beats timing the market. Nobody can consistently predict short-term market movements."

    Source: The Little Book of Common Sense Investing (2007)

    Nobody can consistently predict short-term market movements.

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46. "Time is your friend; impulse is your enemy. Stay the course through market ups and downs."

    Source: Stay the Course: The Story of Vanguard (2018)

    Long-term discipline beats short-term market timing.

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47. "In investing, you get what you don't pay for. The lower the costs, the more of the returns you keep."

    Source: Common Sense on Mutual Funds (1999)

    Lower investment costs directly increase your net returns.

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48. "Don't look for the needle in the haystack. Just buy the haystack! Own the entire market through low-cost index funds."

    Source: The Little Book of Common Sense Investing (2007)

    Own the entire market through low-cost index funds.

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