“[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation (which is neither illegal, immoral nor -- in our view -- financially fattening).” IfsThinkingShouldStillsValuesTermViewsAmountHigherPaidInvestingSeekingSufficientJustifyIllegalImmoralSpeculationRedundantFattening Author:Warren Buffett
“When you're underperforming the index, you go home at night and cry in your beer. It's not fun, but who said this business should be fun. We're too well paid to hang our heads and say boo hoo.” ShouldWellsSaidHomeNightFunCryPaidInvestingBeer Author:Bill Gross
“The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.” StillsHigherPaidSafetyInvestingDependentMarginsMiscalculations Book:The Intelligent Investor: A Book of Practical Counsel Source: The Intelligent Investor: A Book of Practical Counsel
“In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.” DifferentLossViewsClearCuttingRiskSecurityDependsGainsConnectionsPaidInvestmentInvestingFinancialVariousOutcomesDependentInvestorsInherentMarketplaceFinancial MarketsBeta Author:Seth Klarman
“The trick is to take risks and be paid for taking those risks, but to take a diversified basket of risks in a portfolio.” RiskPaidInvestingTricksBasketsPortfolios Author:Jeffrey Gundlach
“I like the idea of company-paid dividends.” IdeasValuesCompanyPaidInvestingDividends Author:Walter Schloss
“If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.” IfsWholeProblemWonderfulAdviceTaxesPaidTradeInvestingBunchBest ThingsThings To DoCash Author:Warren Buffett
“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.” ThinkingBelieveHas BeensIdeasHardWholeFormAttentionRecordsTheoryModelsEconomicsPaidSevenInvestingTeethFinanceCorporateFairyAssetsAcademicEfficientPercentagesDescendantsObscenityPricingVolatilityTooth FairyEfficient Markets Author:Charlie Munger
“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.” PeopleThinkingKnowsLongIndividualTermResultsBecomingStandardsPaidInstitutionsInvestingLong TermFundHorizonInvestorsLoadPrescriptionsBecoming MoreFeesBrokersIndex FundsStock Broker Author:Charlie Munger
“The only investment I ever made which has paid consistently increasing dividends is the money I have given to the Lord.” GivingMadeGodGivenMoneyLordIncreasePaidEntrepreneurInvestmentInvestingGenerosityConsistentlyStewardshipDividendsStewardsBiblical Stewardship Author:James L. Kraft
“It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it.” IfsMenDifficultPaidFortuneInvesting Book:The John C. Bogle Reader Source: The John C. Bogle Reader
“We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.” LongValuesWaitingActivityPaidInvestingInsightfulBuffets Author:Warren Buffett