Have patience. Stocks don't go up immediately.
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!
I tried to follow Ben Graham's ideas.
I agree with Warren to keep it simple and not use higher mathematics in your analysis.
You have to invest the way that's comfortable for you.
Ben didn't want to lose money. He had had a rough time during the depression.
Try to buy assets at a discount than to buy earnings.
You never really know a stock until you own it.
Yes, Warren has done very well.
You have to have confidence in what you're doing.
We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
Use book value as a starting point to try and establish the value of the enterprise.
Before selling, try to re-evaluate the company again and see where the stock sells in realtion to its book value.
We do not spend a great deal of time talking to management.
You have to be a little aware of the emotions of the people who have invested with you.
Fear and greed tend to affect one's judgement.
Some kinds of stocks are easier to analyse than others.
Buy stocks where the outlook is not good.
I like the idea of company-paid dividends.
Ben was a great believer in buying a diversified group of securities, so that he limited his risk.
Stockbrokers aren't too interested in a stock you can sit there for five years with.
Managements, you know, often think of themselves.
Be sure that debt does not exceed 100% of the equity.
Be aware of the level of the stock market. Are yields low and PE ratios high?
I helped Ben with the third edition of Security Analysis, published in 1951.
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