I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.
You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.
The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.
At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.
If this is a war, my side has the nuclear bomb. We have K Street. We have Wall Street. Debbie doesn't have anybody. I want a government that is responsive to the people who got the short straw in life.
We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'
I think the Congress will do the right thing. I think that they've - you know, they got into certain arguments and they start worrying about assessing blame, and there is a little demagoguery, but in the end, something this important, they'll do the right thing. So this really is an economic Pearl Harbor. That sounds melodramatic, but I've never used that phrase before. And this really is one.
A home is one of the most important assets that most people will ever buy. Homes are also where memories are made and you want to work with someone you can trust.
What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?