Howard Marks
Smart investing doesn't consist
of buying good assets, but of buying assets well. This is a very, very
important distinction that very, very few people understand. "
Warren Buffett
"Investors should remember
that excitement and expenses are their enemies. And if they insist on trying to
time their participation in equities, they should try to be fearful when others
are greedy and greedy only when others are fearful."
John Templeton
"For all long-term
investors, there is only one objective – maximum total real return after taxes."
Benjamin Graham
"It is absurd to think that
the general public can ever make money out of market forecasts."
George Soros
"If investing is
entertaining, if you’re having fun, you’re probably not making any money.
Good investing is boring."
Jack Bogle
"If you have trouble imaging
a 20% loss in the stock market, you shouldn't be in stocks."
Bob Farrell
"The public buys the most at
the top and the least at the bottom." And, "When all the experts and
forecasts agree – something else is going to happen."
Jeremy Grantham
"By far the biggest problem
for professionals in investing is dealing with career and business risk:
protecting your own job as an agent. The second curse of professional investing
is over-management caused by the need to be seen to be busy, to be earning your
keep. The individual is far better-positioned to wait patiently for the right
pitch while paying no regard to what others are doing, which is almost
impossible for professionals."
Barton Biggs
"Quantitatively based
solutions and asset allocation equations invariably fail as they are designed
to capture what would have worked in the previous cycle whereas the next one
remains a riddle wrapped in an enigma."
Philip Fisher
“The stock market is filled with
individuals who know the price of everything, but the value of nothing.”
Ken Fisher
"You can’t develop a
portfolio strategy around endless possibilities. You wouldn’t even get out of
bed if you considered everything that could possibly happen..... You can use
history as one tool for shaping reasonable probabilities. Then, you look at the
world of economic, sentiment and political drivers to determine what’s most
likely to happen—while always knowing you can be and will be wrong a lot."
Charles Ellis
"The average long-term
experience in investing is never surprising, but the short term experience is
always surprising. We now know to focus not on rate of return, but on the
informed management of risk"
Bill Miller
"The market does reflect the available
information, as the professors tell us. But just as the funhouse mirrors don't
always accurately reflect your weight, the markets don't always accurately
reflect that information. Usually they are too pessimistic when it's bad, and
too optimistic when it's good."
Thomas Rowe Price Jr
“Every business is manmade. It is
a result of individuals. It reflects the personalities and the business
philosophy of the founders and those who have directed its affairs throughout
its existence. If you want to have an understanding of any business, it is
important to know the background of the people who started it and directed its
past and the hopes and ambitions of those who are planning its future.”
Carl Icahn
“We have bloated bureaucracies in
Corporate America. The root of the problem is the absence of real
corporate democracy.”
Peter Lynch
Investing without research is
like playing stud poker and never looking at the cards."
John Neff
"It's not always easy to do
what's not popular, but that's where you make your money. Buy
stocks that look bad to less careful investors and hang on until their real
value is recognized."
Henry Kravis
"If you don't have
integrity, you have nothing. You can't buy it. You can have all the money in
the world, but if you are not a moral and ethical person, you really have
nothing."
Ray Dalio
"An economy is simply the
sum of the transactions that make it up. A transaction is a simple thing.
Because there are a lot of them, the economy looks more complex than it really
is. If instead of looking at it from the top down, we look at it from the
transaction up, it is much easier to understand."
Jesse Livermore
Play the market only when all factors are in
your favor. No person can play the market all the time and win. There
are times when you should be completely out of the market, for emotional as
well as economic reasons.
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