Terry Funk Quotes

A merchant is someone who figures out how to select, how to smell, how to identify, how to feel, how to time, how to buy, how to sell, and how to hopefully have two plus two equal six.

Your initial instincts about investments and people are usually correct. We do a lot of due diligence in this business and most of the time it comes out where we started.

Good analysis is very useful when you want to convert a political decision into an investment. It can also go the other way and drive policy.

Pay attention to the big themes because that's what will help you earn ten times your money.

The best early-stage venture capital investments appear obvious in retrospect; however, very few of them are actually obvious when you make them.

The essence of a good investment manager is one who studies a given business and extrapolates the future cash flows that the business is likely to generate over the next several years. Based on the cash flow and asset assessment, they can then arrive at their expected rate of return if they bought a fraction of that business at a given price.

Provided someone can persuade me, I will invest in anything.

I'm a very commonsense guy - I just look at the viability of the idea, if I feel the team has the ability to execute the idea. I also look at the investment syndicate, the size of the market, and then a lot of gut married on top of it.

You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.

I think without a doubt, that what is called "financial genius" is merely a rising market.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

A prediction about the direction of the stock market tells you nothing about where stocks are headed, but a whole lot about the person doing the predicting.

Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.

Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.

An investment decision in the common stock of a company frequently involves a whole lot of factors interacting ... the one thing that causes the most trouble is when you combine a bunch of these together, you get this lollapalooza effect.

You can invest with less risk and make more money in the stock market. All you have to do is not be an average investor. Intelligence is the ability to make finer distinctions.

You've got to choose your horse ahead of time. So, if you're interested in water technology, energy technology, you get to choose between the three or four companies that you have insight into. And you have to make a bet on them before they prove anything out.

Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work.

Strategy is, above all else, the search for above average returns.

If stocks are attractive and you don't buy, you don't just look like an idiot, you are an idiot.

To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.

When people discover they are no good at baseball or hockey, they put away their bats and their skates and they take up amateur golf or stamp collecting or gardening. But when people discover they are no good at picking stocks, they are likely to continue to do it anyway.

Finding the best person or the best organization to invest your money is one of the most important financial decisions you'll ever make.

It is not enough for [the investor] to know all the factors that can possibly contribute to the determination of a future event. In order to anticipate correctly they must also anticipate correctly the quantity as it were of each factor's contribution and the instant at which its contribution will become effective.