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The period after a crash is a great time to buy pieces of businesses at low prices. Here are some things I’ll try to keep in mind in the months and years ahead.
If we can buy small pieces with satisfactory underlying economics at a fraction of the per-share value of the entire business, something good is likely to happen to us.
Warren Buffett (B.H. 1984)
Sometimes it takes years for the stock price to catch up to a company’s value, and the down periods last so long that investors begin to doubt that it will ever happen. But value always wins out – at least in enough cases that it’s worthwhile to believe it
Peter Lynch
Analysis is concerned primarily with values which are supported by the facts and not those which depend largely upon expectations……the analyst must take possible future changes into account, but his primary aim is not so much to profit from them as to guard against them
Benjamin Graham
Investing can’t be reduced to an algorithm and turned over to a computer. Even the best investors don’t get it right every time. The reasons are simple. No rule always works. The environment isn’t controllable, and circumstances rarely repeat exactly. Psychology plays a major role in markets, and because it’s highly variable, cause-and-effect relationships aren’t reliable.
Howard Marks
Price and value can differ, price is what you give, value is what you get.
Warren Buffett (B.H. 1983)
Luck is what happens when prepa
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