Sell a stock only when you have found a new stock that is a 50% better bargain than the one that you hold. - John Templeton
The stock market is a no-called-strike game. You don't have to swing at everything -- you can wait for your pitch.
All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.
There is nothing wrong with a 'know nothing' investor who realizes it. The problem is when you are a 'know nothing' investor but you think you know something.
Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.
The one thing I will tell you is the worst investment you can have is cash. Everybody is talking about cash being king and all that sort of thing. Cash is going to become worth less over time. But good businesses are going to become worth more over time.
It's been an ideal period for investors: A climate of fear is their best friend. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.
You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
Success in investing doesn't correlate with IQ ... what you need is the temperament to control the urges that get other people into trouble in investing.
All intelligent investing is value investing, acquiring more than you are paying for. You must value the business in order to value the stock. - Charlie Munger
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
It is a terrible mistake for investors with long-term horizons -- among them pension funds, college endowments, and savings-minded individuals -- to measure their investment 'risk' by their portfolio's ratio of bonds to stocks.
Buy a stock the way you would buy a house. Understand and like it such that you'd be content to own it in the absence of any market.
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.
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