Security Analysis Quotes

But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH: The stock market itself is a demanding taskmaster. It sets a high hurdle that few investors can leap.

I always said that if I wasn't studying psychopaths in prison, I'd do it at the stock exchange.

A trial is a powerful vehicle to explain things. It is the most time that anybody spends really thinking about one thing. Unless you are the analyst on the National Security staff that's assigned to monitor Putin, and that's all you do, day in and day out, very few people ever spend the time on a single subject that is spent during trial.

By 'intelligence' we mean every sort of information about the enemy and his country - the basis, in short, of our own plans and operations.

The terrorist threat has decreased in some ways, because Bin Laden is dead.

The cyber review team will proceed with the most sensitive systems first, but ultimately all systems will be analyzed and made as secure as modern technology permits. And hopefully, that's gonna be our technology.

If you want to understand what's happening to the situation in a town in Afghanistan, go down to the market. Is it vibrant? Is it safe? That will tell you an enormous amount about the security situation.

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.

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.

We like to say we pray in the church of Graham, Dodd, Buffett, and Munger.

Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good overall results at all periods except when the general market itself is clearly in a selling range for investors. They show up to best advantage during the years in which the market remains in a relatively narrow and neutral area.

The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

National Intelligence Estimates are perhaps the most important documents created in the intelligence mechanisms of our government… A national estimate is a statement of what is going to happen in any country, in any area, in any given situation, and as far as possible into the future…

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.

What the commission that myself and Leon Panetta is trying to do is analyze this in two respects. First of all, what's the right military response and security response?

One of the very first things I will do is to order a thorough review of our cyberdefenses and weaknesses.

The question to ask when you look at security is not whether this makes us safer, but whether it's worth the trade-off.

At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.