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Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1
Never make forecasts, especially about the future
Great investors are not unemotional, but are inversely emotional – they get worried when the market is up and feel good when everyone is worried.
If you torture the data long enough, it will confess to anything.
In both economic forecasting and investment management, it’s worth noting that there’s usually someone who gets it exactly right… but it’s rarely the same person twice.
The value of a business is the cash it's going to produce in the future.
If you want to have a better performance than the crowd, you must do things differently from the crowd.
Bubbles are best identified by credit excesses, not valuation excesses.
There are two times in a man's life when he shouldn't speculate: when he can afford to and when he can't.
Unfortunately most economists know very little history, and most of them know very little economics, it turns out.
The trick of successful investors is to sell when they want to, not when they have to.
To us, ugly stocks were often beautiful.
Common sense is instinct. Enough of it is genius.
To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit.
Throughout history printing money has ended up badly. But unfortunately, very few politicians know any history at all.
Most investors are great at extending straight lines that culminate in disappointment when enthusiasm wanes.
Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
Frenzies end, fundamentals prevail, and every tub sits on its own bottom.
Ever wonder why fund managers can't beat the S&P 500? 'Cause they're sheep, and sheep get slaughtered.
Behind every stock is a company. Find out what it's doing.
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