No institute of science and technology can guarantee discoveries or inventions, and we cannot plan or command a work of genius at will. But do we give sufficient thought to the nurture of the young investigator, to providing the right atmosphere and condi.
Making steel may be compared to making a chappati. To make a good chappati, even a golden pin will not work unless the dough is good.
Good human relations not only bring great personal rewards but are essential to the success of any enterprise.
Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
On the margin of safety, which means, don't try and drive a 9,800-pound truck over a bridge that says it's, you know, capacity: 10,000 pounds. But go down the road a little bit and find one that says, capacity: 15,000 pounds.
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
Buy a stock the way you would buy a house. Understand and like it such that you'd be content to own it in the absence of any market.
Success in investing doesn't correlate with IQ ... what you need is the temperament to control the urges that get other people into trouble in investing.
You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
It's been an ideal period for investors: A climate of fear is their best friend. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.
We never want to count on the kindness of strangers in order to meet tomorrow's obligations. When forced to choose, I will not trade even a night's sleep for the chance of extra profits.
There is nothing wrong with a 'know nothing' investor who realizes it. The problem is when you are a 'know nothing' investor but you think you know something.
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