Benjamin Graham Quotes

We need investors who plant and grow, not reap and run.

We call ourselves 'opportunistic value investors.'

Buy when everyone else is selling and hold until everyone else is buying. That's not just a catchy slogan. It's the very essence of successful investing.

If you invested in a very low cost index fund - where you don't put the money in at one time, but average in over 10 years -you'll do better than 90% of people who start investing at the same time.

you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing

I'd rather buy something that is relatively depressed than something that is relatively high.

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

In investing, we intuitively think we should make a number of small bets. A blockbuster strategy is the opposite. It means making fewer huge investments. But it turns out to be safer.

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.

I've learned there's a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.

Since we try and take a fairly buy-and-hold approach to our newsletter portfolios and don't sell at every whipsaw, we want to have a mix of stocks that will perform at both ends of the oscillation.

If there's a recession, I'd buy stocks. That's when you make money: when markets are spooked.

One has to divide Warren Buffet into different periods. There is a continuously evolving style of Warren Buffett.

The way to make money is to buy when blood is running in the streets.

Success in investing doesn't correlate with I.Q. once you're above the level of 25. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

As a bull market turns into a bear market, the new pros turn into optimists, hoping and praying the bear market will become a bull and save them. But as the market remains bearish, the optimists become pessimists, quit the profession, and return to their day jobs. This is when the real professional investors re-enter the market.

The single biggest advantage a value investor has is not IQ. It's patience and waiting. Waiting for the right pitch, and waiting for many years for the right pitch.

Before starting my own investment funds, the only models I was aware of were those of Warren Buffett and Charlie Munger. Their models made a lot of sense to me, so I cloned them.

'Ick investing' means taking a special analytical interest in stocks that inspire a first reaction of 'ick.' I tend to become interested in stocks that by their very names or circumstances inspire unwillingness - and an 'ick' accompanied by a wrinkle of the nose on the part of most investors to delve any further.

I think high turnover is definitively the investor's enemy, so you don't want to bring a high-turnover philosophy to this business. You want to have a long-term philosophy.

A rule of thumb is that the best investors focus on losers, and the winners take care of themselves.

If Warren Buffett could change his mind about investing in airlines, Mohnish Pabrai could change his mind about investing in autos. Pabrai, who has modeled his investment career and fee structure after Buffett's original partnership, counts General Motors, Fiat Chrysler, and Ferrari in his highly concentrated portfolio.

The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for dollar bills that you can buy for 50 cents or at some big discount - that is universal to value investing.

Early in my career, we were just pure bottoms-up stock pickers.

When high-growth companies slow down, growth and momentum junkies often sell indiscriminately, which can create great opportunities for value investors. Just be careful not to anchor on the stock's previous price or earnings multiple, which are no longer relevant.