- “On the other hand,
investing is a unique kind of casino—one where you cannot lose in the end, so
long as you play only by the rules that put the odds squarely in your favor.”
- “People who invest
make money for themselves; people who speculate make money for their brokers.”
- “The stock investor
is neither right or wrong because others agreed or disagreed with him; he is
right because his facts and analysis are right.”
- “The intelligent
investor is a realist who sells to optimists and buys from pessimists.”
- “Those who do not
remember the past are condemned to repeat it.”
- “The market is a
pendulum that forever swings between unsustainable optimism (which makes stocks
too expensive) and unjustified pessimism (which makes them too cheap). The
Intelligent Investor is a realist who sells to optimists and buys from
pessimists.”
- “An investment
operation is one which, upon thorough analysis, promises safety of principal
and an adequate return. Operations not meeting these requirements are
speculative.”
- “The punches you
miss are the ones that wear you out. —Boxing trainer Angelo Dundee”
- “Buy cheap and sell
dear.”
- “The investment
world nevertheless has enough liars, cheaters, and thieves to keep Satan’s
check-in clerks frantically busy for decades to come.”
- “Obvious prospects
for physical growth in a business do not translate into obvious profits for
investors.”
- “A stock is not
just a ticker symbol or an electronic blip; it is an ownership interest in an
actual business, with an underlying value that does not depend on its share
price.
- “You will be much
more in control, if you realize how much you are not in control.”
- “while enthusiasm
may be necessary for great accomplishments elsewhere, on Wall Street it almost
invariably leads to disaster.”
- “You’ve got to be
careful if you don’t know where you’re going, ’cause you might not get there.
—Yogi Berra”
- “The best way to
measure your investing success is not by whether you’re beating the market but
by whether you’ve put in place a financial plan and a behavioral discipline
that are likely to get you where you want to go. In the end, what matters isn’t
crossing the finish line before anybody else but just making sure that you do
cross it.”
- “plant trees that
other men will sit under.”
- “The longer the
bull market lasts the more severely investors will be affected with amnesia;
after five years or so, many people no longer believe that bear markets are
possible.”
- “If you have built
castles in the air, your work need not be lost; that is where they should be.
Now put the foundations under them. —Henry David Thoreau, Walden”
- “The individual
investor should act consistently as an investor and not as a speculator”
- “The market is a
pendulum that forever swings between unsustainable optimism (which makes stocks
too expensive) and unjustified pessimism (which makes them too cheap). The intelligent
investor is a realist who sells to optimists and buys from pessimists.”
- “knows the price of
everything, and the value of nothing.”
- “To achieve
satisfactory investment results is easier than most people realize; to achieve
superior results is harder than it looks.”
- “All things
excellent are as difficult as they are rare.
- “There is no room
in this philosophy for a middle ground, or a series of gradations, between the
passive and aggressive status. Many,”
- “This is just
another of an endless series of experiences over time that have demonstrated
that the future of security prices is never predictable.”
- “To enjoy a
reasonable chance for continued better than average results, the investor must
follow policies which are (1) inherently sound and promising, and (2) not
popular on Wall Street.”
