In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.
Taking this view, it is possible to see financial markets as a laboratory for testing hypotheses, albeit not strictly scientific ones. The truth is, successful investing is a kind of alchemy.
I liked the results of the profits in the markets.
In this day and age it's really stupid to be stupid about financial matters. It doesn't do you any good to make money if you don't know what to do with it other than spend it.
A true luxury is a reward for investing in and developing a real asset.
The Americans are good about making fancy cars and refrigerators, but that doesn't mean they are any good at making aircraft. They are bluffing. They are excellent at bluffing.
Investing is the intersection of economics and psychology.
Making a decision to sell is the most difficult thing we do.
You know. . . you keep doing the same things and you keep getting the same result over and over again.
Investing isn't about beating others at their game. It's about controlling yourself at your own game.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
Does management resist the institutional imperative?
A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
Getting an unsophisticated client was the golden prize. The quickest way to make money on Wall Street is to take the most sophisticated product and try to sell it to the least sophisticated client.
To offer women something that feels more about investing in something and less about being disposable is a complete corrective to the world we live in
The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.
The real secret to investing is that there is no secret to investing.
The environment you fashion out of your thoughts, your beliefs, your ideals, your philosophy is the only climate you will ever live in. The key is in not spending time, but in investing it.
Mutual funds were created to make investing easy, so consumers wouldn't have to be burdened with picking individual stocks.
I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.