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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.
The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
Searching for companies is like looking for grubs under rocks: if you turn over 10 rocks you'll likely find one grub; if you turn over 20 rocks you'll find two.
I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
All you need for a lifetime of successful investing is a few big winners, and the pluses from those will overwhelm the minuses from the stocks that don't work out.
Spend each day trying to be a little wiser than you were when you woke up.
The best stock to buy is the one you already own.
The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong
Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.
There is no calamity greater than lavish desires. There is no greater guilt than discontent. And there is no greater disaster than greed.
Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.
Diversify your investments.
The other boys at Yale came from wealthy families, and none of them were investing outside the United States, and I thought, 'That is very egotistical. Why be so shortsighted or near-sighted as to focus only on America? Shouldn't you be more open-minded?'
Before this century is over, the Dow Jones Industrial Average will probably be over one million versus around 10,000 now. So for the long-term, the outlook is tremendously bullish if you buy stocks blindly to keep for a century.
If there is anything I would do differently in my life, it is that I would study business more. I'm trying to teach my daughter Chloe at an early age about investing and money so she's not afraid of it.
I was working full time and going to school at night and on the weekends. It was just crazy. At one point a month had gone by, and Marc - my then boyfriend, now husband, and I hadn't gone out on a date. I was like, I don't want to be this person. I want to be a person who cares where she's investing her time and energy. And I want to be a good wife, daughter, and friend.
Money is better than poverty, if only for financial reasons.
Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.
You learn in this business.. If you want a friend, get a dog.
Business and investing are team sports.
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