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When I buy a stock, I have kind of an idea where I want to sell it.
Sep 10, 2025
Investing is fun and exciting, but dangerous if you don't do any work.
In order to be a really good investor, you need to be a little bit of a philosopher as well.
You can learn investing by reading books.
Investing is a business where you can look very silly for a long period of time before you are proven right.
Time is on your side when you own shares of superior companies.
Nobody wants to be passive; indexing is not passive - much more goes into indexing than watching a stock become the next buggy whip.
People need to have the incentive that if they invest and succeed, they can make a fair profit. Otherwise they'll stop investing.
Our future rates of gain will fall far short of those achieved in the past. Berkshire's capital base is now simply too large to allow us to earn truly outsized returns. If you believe otherwise, you should consider a career in sales but avoid one in mathematics.
Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.
The Present is the womb of the future. A greater future happiness can be had only by investing in the present correctly. Look after the present and the future will look after itself.
Do not feel bad about your mistakes or those of others. Love them! Remember that one: they are to be expected; two: they're the first and most essential part of the learning process; and three: feeling bad about them will prevent you from getting better.
From the fact that people are very different it follows that, if we treat them equally, the result must be inequality in their actual position, and that the only way to place them in an equal position would be to treat them differently. Equality before the law and material equality are therefore not only different but are in conflict with each other; and we can achieve either one or the other, but not both at the same time.
I take the market-efficiency hypothesis to be the simple statement that security prices fully reflect all available information.
Never in history was there a method devised of such efficacy for setting each country's advantage at variance with its neighbours' as the international gold (or, formerly, silver) standard.
Investing is the intersection of economics and psychology.
An economist is a man who states the obvious in terms of the incomprehensible.
After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!
The distribution of the market is fat-tailed relative to the normal distribution... For passive investors, none of this matters, beyond being aware that outlier returns are more common than would be expected if return distributions were normal.
Many of us economists who believe in efficiency do so because we view markets as amazingly successful devices for reflecting new information rapidly and, for the most part, accurately.
There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes.
...the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals
Investing and connecting are the key factors in turning any intention into reality.
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.
The worst thing you can do is invest in companies you know nothing about. Unfortunately, buying stocks on ignorance is still a popular American pastime.
I can only hope that one day soon we'll understand our true economic buying power by investing in our own communities and putting our money into businesses that keep our dollars in our community.
We're not forcing people... you can support and be a supporter, but if you go beyond that and become a member, [and] if you're a businessman, your business will multiply... Everything you touch will multiply. I've always said that a wise businessperson will support the ANC... because supporting the ANC means you're investing very well in your business.
Anyone who gives a surgeon six thousand dollars for breast augmentation should give some thought to investing a little more in brain augmentation.
If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.
The difference between successful people and really successful people is that really successful people say no to almost everything.
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
We're non-diversified. We focus. Why not buy more of your best idea rather than your 60th best idea? How many companies can I really know well over time and focus on, on a daily basis?
Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
Successful contrarian investing requires us to live with discomfort, for being "wrong" and alone. But bargains do not exist in the absence of fear.
Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
Some investments do have higher expected returns than others. Which ones? Well, by and large they're the ones that will do the worst in bad times.
The cost of performing well in bad times can be relative underperformance in good times.
Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.
Investing is not nearly as difficult as it looks. Successful investing involves doing a few things right and avoiding serious mistakes.
It's fun to play around... it's human nature to try to select the right horse... But for the average person, I'm more of an indexer... The predictability is so high... For 10, 15, 20 years you'll be in the 85th percentile of performance. Why would you screw it up?
We attracted a lot of market timers and asset allocators. I don't need those ... amateurs in my fund.
The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.
You have never lost money in stocks over any 20-year period, but you have wiped out half your portfolio in bonds (after inflation). So which is the riskier asset?
A true luxury is a reward for investing in and developing a real asset.
A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?
Santa Claus and the Easter Bunny should take a few pointers from the mutual-fund industry. All three are trying to pull off elaborate hoaxes. But while Santa and the bunny suffer the derision of eight year olds everywhere, actively-managed stock funds still have an ardent following among otherwise clear-thinking adults. This continued loyalty amazes me. Reams of statistics prove that most of the fund industry's stock pickers fail to beat the market.
And I think the more money you put in people's hands, the more they will spend. And if they don't spend it, they invest it. And investing it is another way of creating jobs. It puts money into mutual funds or other kinds of banks that can go out and make loans, and we need to do that.
We realized we weren't really using Odeo, we weren't investing our own time creating podcasts. We were building a tool that was a great idea for some other people. That's a dangerous way to go because if you don't actually use it yourself and love it, then you aren't going to be as fully invested in it from the start. That's what leads you to doing side projects.
All men are naturally included to obscure the morally ambiguous element in their political cause by investing it with religious sanctity.
No one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an operating theater and open a belly. And yet they think nothing of managing their retirement assets. I've done all three, and I'm here to tell you that managing money is, in its most critical elements even more demanding than the first two.