Don’t pass up something that’s attractive today because you think you will find something more attractive tomorrow.
Though marginal businesses purchased at cheap prices may be attractive as short term investments, they are wrong foundation on which to build a large and enduring enterprise. Selecting a marriage partner clearly requires more demanding criteria than does dating.
You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.
Investors making purchases in a 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.
Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not invest in the stock market.
Stocks are simple. All you do is buy shares in a great business for less than the business is intrinsically worth, with managers of the highest integrity and ability. Then you own those shares forever.
If you have a harem of 40 women, you never get to know any of them very well.
Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.
I’d rather have a $10 million business making 15 percent than a $100 million business making 5 percent.
If you run across one good idea for a business in your lifetime, you’re lucky ; and fundamentally, Coca-Cola is the best large business in the world. It has got the most powerful brand in the world. It sells for an extremely moderate price. It’s universally liked – the per capita consumption goes up almost every year in almost every country. There is no other product like it.