Some of my favs mostly of Buffett’s
- Time is the friend of the wonderful company, the enemy of the mediocre.
- Turnarounds seldom turn.
- In a commodity business, it’s very hard to be smarter than your dumbest competitor.
- When a management team with a reputation for brilliance joins a business with poor fundamental economics, it is the reputation of the business that remains intact.
- Price is what you pay. Value is what you get.
- It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
- Risk comes from not knowing what you’re doing
- Be fearful when others are greedy, and be greedy when others are fearful.
- Look at market fluctuations as your friend rather than your enemy; profit from folly rather than prticipate in it.
- Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.
- Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.
- The stock market is a device for transferring wealth from the impatient to the patient.
- Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.
The last one along with a another one (I can’t find the exact quote) about valuing a public company same as a private company triggered a chain of thought deepening my understanding of valuation and the valuation process. It also convinced me to go through his letters and writings. Thus far I had followed his thought 2nd handi.e through article written about him or his thought/teachings.
Some others not related to investing
- The chains of habit are too light to be felt until they are too heavy to be broken. - Buffett
- You will not be punished for your anger, you will be punished by your anger. - Buddha
- When someone with experience proposes a deal to someone with money, too often the fellow with money ends up with the experience, and the fellow with experience ends up with the money - Buffett