Following are the things that I underlined while reading the letter. Samples of his gift of the gab at play.
- By yearend, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game.
- Like it or not, the inhabitants of Wall Street, Main Street and the various Side Streets of America were all in the same boat.
- When investing, pessimism is your friend, euphoria the enemy.
- sucking my thumb
- Long ago, Ben Graham taught me that “Price is what you pay; value is what you get.”
- Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.
- As we view GEICO’s current opportunities, Tony and I feel like two hungry mosquitoes in a nudist camp. Juicy targets are everywhere.
- A promise is no better than the person or institution making it.
- If merely looking up past financial data would tell you what the future holds, the Forbes 400 would consist of librarians.)
- We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.
- Approval, though, is not the goal of investing. In fact, approval is often counter-productive because it sedates the brain and makes it less receptive to new facts or a re-examination of conclusions formed earlier.Beware the investment activity that produces applause; the great moves are usually greeted by yawns.
No comments:
Post a Comment