Buy a business, don’t rent stocks.
When people tell me they’ve learned from experience, I tell them the trick is to learn from other people’s experience.
Learning how to live is much more important than learning how to make a living.
An IPO is like a negotiated transaction – the seller chooses when to come public – and it’s unlikely to be a time that’s favourable to you.
If book knowledge made great investors, then the librarians would all be rich.
The dumbest reason in the world to buy a stock is because it’s going up.
Knowing what to leave out is just as important as knowing what to focus on.
As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.
I never try to predict the market.
Investment students need only two well-taught courses – How to Value a Business and How to Think About Market Prices.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
Buy companies with strong histories of profitability and with a dominant business franchise.
Does the business have favourable long term prospects?
A hyperactive stock market is the pickpocket of enterprise.
Do not put all your eggs in one basket.
I have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.
Stocks are the only thing that people are happy to buy when the price goes up.
If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun.
Wide diversification is only required when investors do not understand what they are doing.
The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.