Investing Quotes - Page 33

• Investing requires qualities of temperament way more than it requires qualities of intellect.

  Warren Buffett

  Quality, Way, Intellect

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• Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not lose money, and the second rule is to not forget the first rule. Yet few investors approach the world with such a strict standard of risk avoidance.

  Seth Klarman

  Risk, World, Firsts

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• Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.

  Seth Klarman

  Believe, Mean, Loss

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• It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.

  Seth Klarman

  Adversity, Reflection, Knowing

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• Value investing strategies have worked for years and everyone's known about them. They continue to work because it's hard for people to do, for two main reasons. First, the companies that show up on the screens can be scary and not doing so well, so people find them difficult to buy. Second, there can be one-, two- or three-year periods when a strategy like this doesn't work. Most people aren't capable of sticking it out through that.

  Joel Greenblatt

  Two, Years, People

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• Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.

  Seth Klarman

  Commitment, Loss, Yield

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• Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks.

  Charlie Munger

  Believe, Thinking, Ideas

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• One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.

  Peter Cundill

  Safety, Down And, Able

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• Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.

  Charlie Munger

  Thinking, Long, People

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• If (investing) weren't a little difficult, everybody would be rich.

  Charlie Munger

  Would Be, Littles, Rich

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• To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.

  Charlie Munger

  Horse, Winning, Two

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• Transfer payments discourage the recipients from earning income in the present and from investing in their potential to earn income in the future. People respond to a reduced cost of idleness by choosing to be idle more often.

  Robert Higgs

  People, Income, Cost

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• Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy us. It's not difficult, but it looks difficult because it's unconventional - it isn't the way things are normally done. We have low overhead, don't have quarterly goals and budgets or a standard personnel system, and our investing is much more concentrated than average. It's simple and common sense.

  Charlie Munger

  Fun, Simple, Average

  "Charlie Munger Speaks". Charlie Munger's comments on Berkshire Hathaway and Wesco at the 2000 Wesco Financial Annual Meeting, www.fool.com. May 15, 2000.

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• Our approach is very much profiting from lack of change rather than from change.

  Warren Buffett

  Investing Money, Gum, Buffets

  "Ten pieces of investment advice from America's greatest investor" by Schuyler Velasco, www.cnbc.com. August 30, 2013.

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• Successful investing is about owning businesses and reaping the huge rewards provided by the dividends and earnings growth of our nation's - and, for that matter, the world's - corporations.

  John C. Bogle

  Successful, Growth, World

  John C. Bogle (2012). “The John C. Bogle Reader”, p.1110, John Wiley & Sons

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• You want to know a sure way to lose money? Buy what's popular and don't know what you are investing in.

  Walt Whitman

  Want, Way, Knows

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• The Internet is light at the end of the tunnel. I don't care if it's being used to peddle pornography, I don't care if it's being trivialized in a thousand ways. Anything can be trivialized. The important point is that it is leveling the playing field of global society. It is creating de-facto an entirely new set of political realities. None of the constipated, oligarchic structures that are resisting this were ever asked. Their greed betrayed them into investing in this in the first place without ever fully grasping what the implications of it were for their larger agenda.

  Terence McKenna

  Reality, Tunnels, Light

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• The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.

  William J. Bernstein

  Purpose, Return, Rich

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• Rigor is always appropriate when investing in markets, whatever the ultimate conclusions may be.

  Robert Rubin

  May, Rigor, Conclusion

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• If users are not doing what the designer intended (when users are investing time, effort, etc in your product), the designer may be asking them to do too much.

  Nir Eyal

  Effort, Asking, May

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• All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

  Warren Buffett

  Long, Good Times, Good Company

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• You could be somewhere where the mail was delayed three weeks and do just fine investing.

  Warren Buffett

  Three, Mail, Week

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• Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards.

  Warren Buffett

  Believe, Bridges, People

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• Of course, giving is deeply emotional. But supplementing emotion with research makes it more likely that a gift can have a bigger impact. It's like any investment. After all, you wouldn't put funds into stocks or bonds without understanding the potential return. Why wouldn't you do the same when investing in society?

  Laura Arrillaga-Andreessen

  Emotional, Impact, Giving

  "Giving Your Way to Happiness" by Laura Arrillaga-Andreessen, www.huffingtonpost.com. June 4, 2013.

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• Yes, your jewelry choices make a difference. When you invest in ethical, heirloom-quality jewelry, you're also investing in the future. Your purchase supports a creative community of like-minded humanitarians, out there doing important work.

  Zoe Helene

  Differences, Choices, Support

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