Price is the most important factor to use in relation to value.
Yes, Warren has done very well.
Ben was a great believer in buying a diversified group of securities, so that he limited his risk.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
This is a business. Like any other business.
I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.
Graham liked the idea of protection on the downside.
One of the tricks of this business is, keep your losses down.
I'm not very good on timing. In fact, I've stayed away from it.
You have to have confidence in what you're doing.
Stockbrokers aren't too interested in a stock you can sit there for five years with.
When I buy a stock, I have kind of an idea where I want to sell it.
Our average holding period is four years.
I'm a passive investor. There are people who are very aggressive; they try to buy companies.
Making a decision to sell is the most difficult thing we do.
All the publicity about value investing - it's become a very popular thing.
We don't put the same amount of money in each stock.
We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
Managements, you know, often think of themselves.
A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?
If the market is so cheap, you want to get something with a little more zip in it, or potential.
We get a feeling, if we can, about what we think the company is worth.
If there are not too many value stocks that I can find, the market isn't all that cheap.
If the market were way over priced, I wouldn't own any stocks.
Remember that a share of stock represents a part of a business and is not just a piece of paper.
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