Time is the friend of the wonderful company, the enemy of the mediocre.
Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.
Turnarounds seldom turn.
Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market.
Valuing a business is part art and part science.
Volatility is not the same thing as risk, and anyone who thinks it is will cost themselves money.
Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.
We always live in an uncertain world. What is certain is that the United States will go forward over time.
We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it. In stating this opinion, we define risk, using dictionary terms, as “the possibility of loss or injury.
We don’t get paid for activity, just for being right. As to how long we will wait, we’ll wait indefinitely.