“When a problem exists, whether in personnel or in business operations, the time to act is now.” Berkshire Hathaway – Letters to Shareholders, p.545 Buffett and Munger admit that shareholders would be better off if they had immediately ended Gen Re’s vast derivative trading program.
“To be a winner, work with winners.” Berkshire Hathaway – Letters to Shareholders, 2002
“The aggressive investor must have a considerable knowledge of security values–enough, in fact, to warrant viewing his security operations as equivalent to a business enterprise. There is no room in this philosophy for a middle ground, or a series of gradations, between passive and aggressive status.” “As an investor you cannot soundly become “half a… Continue reading →
“By shifting his emphasis from price movements as such to their effect on the level of values the investor can retain his original and proper status as the buyer of sound securities and at the same time react intelligently to the recurrent fluctuations of the stock market” “His role is not that of a prophet… Continue reading →
“The investor cannot enter the arena of the stock market with any real hope of success unless he is armed with mental weapons that distinguish him in kind (not in a fancied superior degree) from the trading public. One such weapon is indifference to stock market fluctuations; such an investor buys carefully when he has… Continue reading →
“Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and you know your judgment is sound, act on it- even though others may hesitate or differ. (You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are… Continue reading →