Investing feelings quotes from christopher

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This strength is reflected in their balance sheets, their superior returns on capital, and the outstanding quality of their managements. This leg is the trickiest: our experience shows us that we must follow what these managers have actually done, rather than what it is that they have said they have done. In the end, how your investments behave is much less important than how you behave.

Operations not meeting these requirements are speculative. Investors who realize this are less likely to sell in a panic, and more likely to remain invested, benefitting from the wealthbuilding power of stocks. It may reach the point where your sanity begins to be questioned by clients and even your colleagues. Inevitably, extreme price dislocations occur that create real opportunities for action, and only the patient and prepared investor can recognize such ideal situations and take full advantage.

Second, and equally important, we insist on a margin of safety in our purchase price. We believe this margin-of-safety principle, so strongly emphasized by Ben Graham, to be the cornerstone of investment success. It is an opportunity to increase our ownership of great companies with great management at good prices.

When it rains gold, put out the bucket, not the thimble. The time to get interested is when no one else is. I buy on the assumption that they could close the market the next day and not reopen it for five years. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd. A willingness to look unimaginative for a sustained period — or even to look foolish — is also essential.

And an unsettled mind will not make good decisions. If you can stick with Pepsi, you should be OK. It makes little sense if you know what you are doing. You only have to be able to evaluate companies within your circle of competence.

The size of that circle is not very important; knowing its boundaries, however, is vital. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a fly epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11, You stand at the plate, the pitcher throws you General Motors at 47!

Steel at 39! All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond. They are guidelines to tell you something about how to get at economic value. And you will make a lot of money. And I can guarantee that going into a seventh one instead of putting more money into your first one is gotta be a terrible mistake.

Very few people have gotten rich on their seventh best idea. But a lot of people have gotten rich with their best idea. So I would say for anyone working with normal capital who really knows the businesses they have gone into, six is plenty, and I probably have half of what I like best. Does It Make Sense?

One of the reasons was that we are always prepared. I remember using only one to two hundred million dollars to get four berths at Container Terminal 6. Later Terminal 7 cost me over four billion. My decision was to press ahead with expansion in the worst of times.

That really was the cornerstone of HIT. And you have to know enough to know whether the gamble is mispriced. You stuck to your principles and when opportunities came along, you pounced on them with vigor. Because I just think the whole concept is literally almost insane. It emphasises feeling good about not having your investment results depart very much from average investment results. If you know nothing about value — only price — then Black-Scholes is a pretty good guess at what a ninety-day option might be worth.

Some people look at it in stocks where the earnings are going up all the time, some look at consumer goods, some look at bankruptcies, some look at distressed debt. There are different ways to hunt, just like different places to fish. I just try and be not insane and pay no attention to the traditions. Not much. Maybe once every two years we had a major opportunity.

Not very many. There are a few telephone calls and no meetings. He gets a sick headache. He actually does. It works better averaged out. Good investing requires a weird combination of patience and aggression and not many people have it. A bank was co-trustee.

And, you know, it was a very large estate. And that young man holds the Berkshire to this day. And I suppose the bank is still giving the same advice. I think you make a big mistake when you do that. It also helps him avoid the psychological damage of watching an unrealized profit disappear due to greed. Buying at a discount creates a margin of safety for the investor — room for imprecision, error, bad luck or the vicissitudes of volatile markets and economies.

And I think those are really important words. If you walk away with one lesson, remember that. Losing money is very hard to get back to where you were, let alone to end up doing better. Almost every financial blow up is because of leverage. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.

Too many things change too quickly in the investment world for that approach to succeed. Massive losses on bad loans and soured investments are irrelevant to value; improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified. For an investor, investing is a game of skill.

Looking out for mispriced betting opportunities and betting heavily when the odds are overwhelmingly in your favor is the ticket to wealth. Always seek out businesses run by people who have demonstrated their ability to repeatedly lift and scale. It is the Dhandho way.

In fact, any pullback in stock prices is a gift while you are in the process of accumulating your wealth. It allows you to buy more shares for your dollars, on sale if you will. Collins — The Simple Path to Wealth Quotes The great irony of investing is that the more you watch and fiddle with your holdings the less well you are likely to do. Fill your basket, add as much as you can along the way and ignore it the rest of the time. Collins — The Simple Path to Wealth Quotes The great irony of successful investing is that simple is cheaper and more profitable.

Complicated investments only benefit the people and companies that sell them. Bogle — John C. Bogle Quotes , The Clash of the Cultures Quotes One of the greatest sins of investing is to be captivated by the siren song of the market, which can lure you into buying stocks when they are soaring and into selling stocks when they are plunging.