When a person with money meets a person with experience, the one with experience ends up with the money and the one with money leaves with experience.
You make more money by sitting than by doing.
Being able to sell well is a lot harder than buying well.
I prefer hostile bids to friendly bids. Why? When you have a manager whose interest is imperial aggrandizement at the expense of the shareholders’ interests, who entrenches himself by every possible device… how do you get him out? The purpose of hostile takeovers is to go in and cleanse failing companies.
I’ve never seen a good company be taken over in a hostile bid… only bad ones.
You create wealth through concentration of assets. You maintain wealth through diversification of assets.
Buy when the mob sells. Sell when the mob buys.
[On price bubble] The biggest lie on Wall Street is that this time it’s different.
If you buy a few great companies, you can sit on your ass.
We have three baskets for investing: yes, no, and too tough to understand.
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