Value Investing

I make Homer Simpson look active.

Tim McElvaine

Value stocks are about as exciting as watching grass grow. But have you ever noticed just how much your grass grows in a week?

Christopher Browne

Based on my own personal experience – both as an investor in recent years and an expert witness in years past – rarely do more than three or four variables really count. Everything else is noise.

Martin Whitman

Investors repeatedly jump ship on a good strategy just because it hasn’t worked so well lately, and, almost invariably, abandon it at precisely the wrong time.

David Dreman

Deciding on an investment philosophy is kind of like picking a spouse. Do you want someone who is volatile and romantic and emotional, or do you want someone who is steady and trustworthy and down to earth. If you want a successful investment career, you’d better bind yourself to a style you can live with.

Ralph Wanger

Trying to sell an illiquid stock in a down market brings to mind the galley slaves in Ben-Hur, chained to their bench while the ship sinks.

Ralph Wanger

No mutual fund manager who relies on market timing has kept his job for fifteen years. Individual investors who try to time the market will be tossed on the same horns.

Ralph Wanger

I’d be a bum on the street with a tin cup if the markets were efficient

Warren Buffet

We attracted a lot of market timers and asset allocators. I don’t need those … amateurs in my fund.

Martin Whitman

The first principle is that you must not fool yourself – and you are the easiest person to fool.

Richard Feynman

I quickly convinced myself that the true key to happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

Benjamin Graham

An investment in knowledge pays the best interest.

Benjamin Franklin

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

Benjamin Graham

Don’t gamble. Take all your savings and buy a good stock, and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.

Jim Rogers

Get inside information from the president and you will probably lose half of your money. If you get it from the chairman of the board, you will lose all of it.

Jim Rogers

Bottoms in the investment world don’t end with four-year lows; they end with 10- or 15-year lows.

Jim Rogers

Timidity prompted by past failures causes investors to miss the most important bull markets.

Walter Schloss

Volatility is a symptom that people have no idea of the underlying value.

Jeremy Grantham

I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.

Warren Buffet

If you’re looking, as we are, for extraordinary returns – from companies whose stocks can go up 10x rather than 2x – it’s far more likely to happen because the company’s earnings turn out to be so much better than anyone expected than because you found a temporary 50-cent dollar.

John Burbank

Unless you can watch your stock holdings decline by 50% without becoming panic-stricken, you should not be in the stock market.

Warren Buffet

The stock market is filled with individuals who know the price of everything, but the value of nothing.

Phillip Fisher

Price is what you pay, value is what you get.

Charlie Munger

All intelligent investing is value investing – to acquire more than you are paying for. Investing is where you find a few great companies and then sit on your ass.

Charlie Munger

In investing, what is comfortable is rarely profitable.

Robert Arnott

In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero. You’d be amazed at how much Warren reads – at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.

Charlie Munger

To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.

Charlie Munger

There are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that’s still going to be lousy. The money still won’t come to you. All of the advantages from great improvements are going to flow through to the customers.

Charlie Munger

People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know, “I’m the richest. Therefore, I’m the best. God’s in his heaven, etc.” And that reaction of the robber barons was so irritating to people that it made it unfashionable to think of an economy as an ecosystem. But the truth is that it is a lot like an ecosystem. And you get many of the same results.

Charlie Munger

Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.

Paul Samuelson

I would not pre-pay. I would invest instead and let the investments cover it.

Dave Ramsey

The four most dangerous words in investing are: ‘this time it’s different.’

Sir John Templeton

You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets.

Peter Lynch

A market is the combined behavior of thousands of people responding to information, misinformation and whim.

Kenneth Chang

I hate weekends because there is no stock market.

Rene Rivkin

The investor who concentrated on the 50 stocks in the S&P 500 that are followed by the fewest Wall Street analysts wound up with a rousing 24.6% gain in [2006 versus] 13.6% [for] the S&P 500.

Rich Bernstein

How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.

Robert G. Allen

Invest in yourself. Your career is the engine of your wealth.

Paul Clitheroe

Every once in a while, the market does something so stupid it takes your breath away.

Jim Cramer

The individual investor should act consistently as an investor and not as a speculator.

Ben Graham

It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.

Robert Kiyosaki

Know what you own, and know why you own it.

Peter Lynch

Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.

Dave Ramsey