Warren Buffett Quotes

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

The only intelligence investing is value investing...to acquire more than one is paying for.

All sensible investing is value investing

The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.

I think investors ought to focus on making sure that the stock is within their circle of competence, that it's worth a lot more than it's valued at - and once you have those two things, a stop-loss makes no sense.

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.

Invest in good, solid companies in good sectors.

The key thing when you short is to make sure you're not wrong on the fundamental intrinsic value.

We call ourselves 'opportunistic value investors.'

I try to buy shares of unpopular companies when they look like road kill and sell them when they've been polished up a bit.

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.

We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.

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.

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.

If you buy something because it's undervalued, then you have to think about selling it when it approaches your calculation of its intrinsic value. That's hard. But if you buy a few great companies, then you can sit on your ass. That's a good thing.

I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today.

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

You must value the business in order to value the stock.

Growth and value investing are joined at the hip.

I found an approach to investing that made enormous sense to me: rigorously analyzing a company's fundamentals, understanding exactly how it makes money, developing a view on the business's future prospects, and deciding if it's a good business.

Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain. These are the same people who like to watch the locomotive coming and get run down in the name of discipline.

Buy into good, well-researched companies and then wait. Let's call it a sit-on-your-hands investment strategy.

What we do is we test what works on Wall Street. And sometimes it is earnings momentum, and sometimes it's earnings surprises. Sometimes it's price-to-sales cash flow, and then we put together our stock selection models.