Warren Buffet är en riktig citatmaskin. Underhållande, träffande och tänkvärda. Här är några citat tagna från Wikipedia
Roligt men sant citat:) Det är lätt att vara kaxig när börsen rusar. Det är först i kärva tider som agnarna skiljs från vetet.
- " You only find out who is swimming naked when the tide goes out."
- " You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right—and that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else."
Tänkvärt citat. Bara för att en aktie går upp behöver det inte betyda att du gjorde ett bra beslut vid köptillfället. Och tvärtom.
- Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful.
- " The most important quality for an investor is temperament, not intellect."
- The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
- The future is never clear, and you pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values
- If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period?"Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall."This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.
- The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.
- 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.
|Warren Buffet: vägleds av ödmjukhet och sunt förnuft|
- It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
- The basic ideas of investing are to look at stocks as business, use the market's fluctuations to your advantage, and seek a margin of safety. That’s what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing.
- 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.
- We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.
- We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.
Många fonder har överdriven diversifiering med hundratals aktier. Enligt ekonomisk teori är diversifiering en "gratis lunch", högre avkastning till lägre risk. Om man tror på stockpicking är det svårare att se. Det verkar rimligare att satsa på sina bästa ideer än att slänga in en massa bolag man inte har koll på. (Även Graham förespråkar "adequate but not excessive diversification") Som småsparare kan det kanske vara lagom med 10-30 bolag i skiftande branscher.
- We've long felt that the only value of stock forecasters is to make
fortune tellers look good. Even now, Charlie and I continue to believe
that short-term market forecasts are poison and should be kept locked up
in a safe place, away from children and also from grown-ups who behave
in the market like children.
- Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?
- [...] In the stock market you don't base your decisions on what the market is doing, but on what you think is rational….Bridge is about weighing gain/loss ratios. You're doing calculations all the time.
Jag måste passa på och tipsa om en bok: "The essays of Warren Buffett: Lessons for corporate america", skriven av Lawrence A. Cunningham. Det är en slags samling av Buffetts brev till aktieägarna där uppdelningen sker efter ämne. Ett kapitel heter t.ex. "Alternatives to common stock".
PS: 4020 har lanserat en ny version av börsdata idag. Sidan är ännu "beta" (saknas t.ex. nyckeltal för balansräkningar) men det ser riktigt riktigt lovande ut.