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The Time To Buy Stocks Is Consistently Over Time. You Should Never Buy Your Investments With The Idea, 'i Have To Get A Certain Return.' You Should Look At The Best Return Possible And Learn To Live With That. But You Should Not Try To Make Your Investments Earn What You Feel You Need. It Doesn't Work That Way. The Stock Doesn't Know You Own It.
-Warren Buffett
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The Time To Buy

Warren Buffett
The Time To Buy Stocks Is Consistently Over Time. You Should Never Buy Your Investments With The Idea, 'i Have To Get A Certain Return.' You Should Look At The Best Return Possible And Learn To Live With That. But You Should Not Try To Make Your Investments Earn What You Feel You Need. It Doesn't Work That Way. The Stock Doesn't Know You Own It.
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Wisdom
Ideas
Trying
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We Need A Tax System That Essentially Takes Very Good Care Of The People Who Just Really Aren't As Well Adapted To The Market System But Are Nevertheless Doing Useful Things In The Society.
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There Are Certain Things That Cannot Be Adequately Explained To A Virgin Either By Words Or Pictures.
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When You're Associating With The People That You Love, Doing What You Love, It Doesn't Get Any Better Than That.
Doing What You Love
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When People Talk About Cash Being King, It's Not King If It Just Sits There And Never Does Anything.
Kings
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All But A Few Of The Organizations Do Not Specifically Promise To Deliver Superior Investment Performance Although It Is Perhaps Not Unreasonable For The Public To Draw Such An Inference From Their Advertised Emphasis On Professional Management.
Organization
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I Would Say The Most Satisfying Thing Actually Is Watching My Three Children Each Pick Up On Their Own Interests And Work Many More Hours Per Week Than Most People That Have Jobs At Trying To Intelligently Give Away That Money In Fields That They Particularly Care About.
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If I Taught A Class, On My Final Exam I Would Take An Internet Company And Ask, 'how Much Is This Company Worth?' Anyone Who Would Answer, I Would Flunk.
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If You Aren't Willing To Own A Stock For Ten Years, Don't Even Think About Owning It For Ten Minutes. Put Together A Portfolio Of Companies Whose Aggregate Earnings March Upward Over The Years, And So Also Will The Portfolio's Market Value.
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Problems In A Company Are Like Cockroaches In The Kitchen. You Will Never Find Just One
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Should Have
Decision
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You Pay A Very High Price In The Stock Market For A Cheery Consensus.
Pay
Consensus
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You Can Lose Leverage, And It's The Only Way A Smart Guy Can Go Broke.
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I Wouldn’t Mind Going To Jail If I Had Three Cellmates Who Played Bridge
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The Ability To Say No Is A Tremendous Advantage For An Investor.
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We've Got All The Ingredients For A Sensational Future.
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When I Take A Look At A Company's Annual Report, If I Don't Understand It, They Don't Want Me To Understand It.
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Either They're Trying To Con You Or They're Trying To Con Themselves.
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Well, I Think The Biggest Mistake Is Not Learning The Habits Of Saving Properly Early. Because Saving Is A Habit. And Then, Trying To Get Rich Quick. It's Pretty Easy To Get Well-to-do Slowly. But It's Not Easy To Get Rich Quick.
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If You Expect To Continue To Purchase Stocks Throughout Your Life, You Should Welcome Price Declines As A Way To Add Stocks More Cheaply To Your Portfolio.
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A Hyperactive Stock Market Is The Pickpocket Of Enterprise.
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I Think Any Time You Couple The Term "wall Street" With "bailout" Or Something Like That, You Know - I Don't Like What's Going On In Wall Street.
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Pockets
Investing
Irony
I Have An 800 Freephone Number Now That I Call If I Get The Urge To Buy An Airline Stock. I Call At Two In The Morning And I Say: "my Name Is Warren And I'm An Aeroholic." And Then They Talk Me Down.
Morning
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I Mean [franklin Delano] Roosevelt Didn't - You Know, When He Came In, He Didn't Print Any Money.
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The Same Things Happen To Quite An Extent Around The Globe. I Mean, The European Banks Were Doing What The American Banks Were.
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A Single Year's Performance Is Of Minor Importance And, Good Or Bad, Should Never Be Taken Seriously.
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Years
Should
I Understand Goldman Sachs Businesses. We Do Lot Of Business With Him, And Ge Has Been - I Think It's The Longest Running Stock In The Dow Jones Industrial Average. It Will Be 100 Years Now It Will Be Around. I Hope I'm Around Then, Too. And It Was An Attractive Investment. And We Have Had A Lot Of Money Around, Over The Last Two Years, And We're Seeing Things That Are Attractive Now.
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Today
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Believe
Benefits
Ceo
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Expectations
Results
Term
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Fund
Hedge Fund
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Investing
Should
Sinking
You Don't Ever Ask A Barber Whether You Need A Haircut.
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Humor
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Investors Should Remember That Excitement And Expenses Are Their Enemies.
Investing Money
Investment Success
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If I Eat 2,700 Calories A Day, A Quarter Of That Is Coca-cola.
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I Have Three Boxes On My Desk: In, Out, And Too Hard.
Three
Boxes
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Running
Simple
Ideas
It's Just That I Landed Up In A Terrific Capitalist System. One That Pays People Who Allocate Capital Extraordinarily Well. Intrinsically, I'm Not Worth As Much As Somebody Who Invents Something That Could Improves People's Life, Or Health Or Whatever.
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Differences
Losing
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Business
Imagination
Earning
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Thinking
People
Income
Diversification Is A Protection Against Ignorance. It Makes Very Little Sense For Those Who Know What They're Doing.
Ignorance
Littles
Investing
Is Management Candid With The Shareholders?
Investing
Management
Candid
Only When You Combine Sound Intellect With Emotional Discipline Do You Get Rational Behavior.
Emotional
Discipline
Sound
Read 500 Pages Every Day. That's How Knowledge Works. It Builds Up Like Compound Interest.
Pages
Interest
Working It
Our Approach Is Very Much Profiting From Lack Of Change Rather Than From Change.
Investing Money
Gum
Buffets
Mark Zuckerberg Will Be A Hero To Many Young Entrepreneurs 20 Years From Now. Bill Gates Will Be A Hero To Others, And They Will Look To Those [people] Like I Read Books When I Was In My Teens About Rockefeller Or Carnegie.
Book
Hero
Young Entrepreneurs
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Golf
Play
Long
If You Are A Professional And Have Confidence, Then I Would Advocate Lots Of Concentration.
Concentration
Have Confidence
Ifs
I Just Think That - When A Country Needs More Income And We Do, We're Only Taking In 15 Percent Of Gdp, I Mean, That - That - When A Country Needs More Income, They Should Get It From The People That Have It.
Country
Mean
Thinking
With Enough Insider Information And A Million Dollars, You Can Go Broke In A Year.
Years
Dollars
Investing
I Never Attempt To Make Money On The Stock Market. I Buy On The Assumption That They Could Close The Market The Next Day And Not Reopen It For Five Years.
Money
Years
Greatest Wealth
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Lying
Giving
House
The Dumbest Reason In The World To Buy A Stock Is Because It's Going Up.
World
Reason
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Silly
Investing Money
People
I'll Take The Deal, Whatever You Want To Do.
Want
Deals
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Investing
Pieces
Tenacity
Never Invest In A Business You Don't Understand.
Never Do Anything In Life If You Would Be Ashamed Of Seeing It Printed On The Front Page Of Your Hometown Newspaper For Your Friends And Family To See.
Family And Friends
Would Be
Pages
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Blood
Company
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People
Ego
Investing
Risk Is A Part Of God's Game, Alike For Men And Nations.
Men
Games
Risk
We Always Live In An Uncertain World. What Is Certain Is That The United States Will Go Forward Over Time.
United States
World
Uncertain
I Never Invest In Anything That I Don't Understand.
You Don't Have To Be A Genius To Invest Well
Genius
Wells
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Sleep
Investing
Half
If Knowing History Made You Rich, Librarians Would Be Billionaires.
Knowing
Would Be
Rich
Remember That The Stock Market Is Manic-depressive.
Investing
Remember
Depressive
The Plan Itself Is Opportunism. There Is No Plan Before That.
Plans
Opportunism
... Not Doing What We Love In The Name Of Greed Is Very Poor Management Of Our Lives.
Life
Investment Success
Names
Shares Are Not Mere Pieces Of Paper. They Represent Part Ownership Of A Business. So, When Contemplating An Investment, Think Like A Prospective Owner.
Thinking
Pieces
Paper
Investment Must Be Rational; If You Can't Understand It, Don't Do It.
Investment
Rational
Ifs
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Party
Past
Rising Prices
As One Of My Older Friends Says, "nostalgia Just Isn't What It Used To Be." Let's Take A Stab At It, Anyway.
Nostalgia
Used
Older Friends
If Book Knowledge Made Great Investors, Than The Librarians Would All Be Rich.
Book
Rich
Librarian
If I Got Any Good Ideas Out Of That Or I Think They're Good Ideas, I'll Be Glad To Contribute Them But The System Will Probably Overdo Some Other Things.
Thinking
Ideas
Glad
The 19th Century Belonged To England, The 20th Century Belonged To The U.s., And The 21st Century Belongs To China. Invest Accordingly.
England
Century
China
If We Have A Strength, It Is In Recognizing When We Are Operating Well Within Our Circle Of Competence And When We Are Approaching The Perimeter.
Circles
Competence
Wells
I Think That They Hoped The Private Sector Would Come In. And The Private Sector Tried To Come In Until They Saw The Size Of The Problem. I Mean, From Were People On That Weekend That Thought They'd Had A Solution. And Then The Hole Kept Getting Bigger And Bigger. And All Of A Sudden Became Apparent That 20 Billion Wouldn't Do It And 30 Billion Wouldn't Do It And 40 Billion Wouldn't Do It. So It Got Beyond Anybody's Ability To Certainly To Do It In A Short Period Of Time.
Mean
Weekend
Thinking
Never Give Up Searching For The Job That You’re Passionate About. Try To Find The Job You’d Have If You Were Independently Rich. Forget About The Pay. When You’re Associating With The People That You Love, Doing What You Love, It Doesn’t Get Any Better Than That.
Jobs
Giving Up
Doing What You Love
Time Is Your Friend, Impulse Is Your Enemy. Take Advantage Of Compound Interest And Don't Be Captivated By The Siren Song Of The Market.
Song
Enemy
Sirens
If Horses Had Controlled Investment Decisions, There Would Have Been No Auto Industry.
Horse
Decision
One Line
Intensity Is The Price Of Excellence.
Excellence
Intensity
We Can Afford To Lose Money - Even A Lot Of Money. But We Can't Afford To Lose Reputation - Even A Shred Of Reputation.
Reputation
Lots Of Money
Loses
Of Our 49 Billion, We Haven't Moved Any To Bitcoin
Bitcoin
Billions
Havens
Basically, The Single-most Important Decision In Evaluating A Business Is Pricing Power.
Decision
Important
Important Decisions
I Make No Effort To Predict The Course Of General Business Or The Stock Market. Period. However, Currently There Are Practices Snowballing In The Security Markets And Business World Which, While Devoid Of Short Term Predictive Value, Bother Me As To Possible Long Term Consequences.
Practice
Long
Effort
You Can't Help Some Increase From This Point. I Don't Want Any Viewer To Go Away Think A Magic Wand Exists In Congress. So They're Going To See Some More Bad News. But If We Do This, We're Doing The Right Thing.
Thinking
Magic
Going Away
You've Got The Right - You've Got A Wonderful Person With Sheila Bair, Most Of The Viewers Have Never Heard Of Sheila Bair. [she] Has Taken Eight Percent Of The Deposits In The United States And Seamlessly Moved Those Over To Sound Institutions Which In Turn Have Gotten More Capital, Ended Up, It's Been A Magnificent Job.she'll Never Get A Golden Parachute Or Any Severance Pay Or Anything. She's Done A Great Job. We've Got Some Great Public Servants. We Have I Think The Right People In There To Get The Job Done, And Then They Need More Tools.
Jobs
Taken
Thinking
What An Investor Needs Is The Ability To Correctly Evaluate Selected Businesses. Note That Word “selected”: You Don't Have To Be An Expert On Every Company, Or Even Many. You Only Have To Be Able To Evaluate Companies Within Your Circle Of Competence. The Size Of That Circle Is Not Very Important; Knowing Its Boundaries, However, Is Vital.
Circles
Knowing
Important
Do Not Save What Is Left After Spending, But Spend What Is Left After Saving.
Inspirational
Life
Money
The Rich Are Always Going To Say That, You Know, Just Give Us More Money And We'll Go Out And Spend More And Then It Will All Trickle Down To The Rest Of You. But That Has Not Worked The Last 10 Years, And I Hope The American Public Is Catching On.
Hope
Money
Catching On
The Major Asset In This Category Is Gold, Currently A Huge Favorite Of Investors Who Fear Almost All Other Assets, Especially Paper Money (of Whose Value, As Noted, They Are Right To Be Fearful). Gold, However, Has Two Significant Shortcomings, Being Neither Of Much Use Nor Procreative. True, Gold Has Some Industrial And Decorative Utility, But The Demand For These Purposes Is Both Limited And Incapable Of Soaking Up New Production. Meanwhile, If You Own One Ounce Of Gold For An Eternity, You Will Still Own One Ounce At Its End.
Two
Gold
Use
The Dominant Factors Affecting Control Valuations Are Earning Power (past And Prospective) And Asset Values.
Past
Earning
Assets
Investment Students Need Only Two Well-taught Courses - How To Value A Business And How To Think About Market Prices
Thinking
Two
Needs
The Big Question About How People Behave Is Whether They've Got An Inner Scorecard Or An Outer Scorecard. It Helps If You Can Be Satisfied With An Inner Scorecard.
People
Helping
Bigs
Never Lie Under Any Circumstances.
Life
Lying
Generosity
The Greatest Investment A Young Person Can Make Is In Their Own Education, In Their Own Mind. Because Money Comes And Goes. Relationships Come And Go. But What You Learn Once Stays With You Forever.
Forever
Mind
Investment
First Come The Innovators, Then Come The Imitators, Then Come The Idiots.
Investing
Firsts
Idiot
Take The Probability Of Loss Times The Amount Of Possible Loss From The Probability Of Gain Times The Amount Of Possible Gain. That Is What We're Trying To Do. It's Imperfect, But That's What It's All About.
Loss
Trying
Gains
I Think Once You Start Putting Phony Figures Into Financial Statements, You Get In A Lot Of Trouble. And We've Seen So Much Of That In The Last 20 Years.
Thinking
Years
Lasts
When Berkshire Hathaway Laid Out Three Billion Dollars For Ge Today, We Didn't Spend It, We Invested It. When The Federal Government Buys The Mortgages, They're Not Spending It, They're Investing It. Now, They're Investing It In Distress Type Assets But They're Buying Them At Distress Prices If They Buy Them At Market. It's The Kind Of Stuff I Love To Do. I Just Don't Have 700 Million. Maybe We Could Go In It Together.
Government
Together
Three
You Get What I Call The Natural Progression, The Three Is. The Innovators, The Imitators, And The Idiots.
Three
Idiot
Progression
I Checked The Actuarial Tables, And The Lowest Death Rate Is Among Six-year-olds. So I Decided To Eat Like A Six-year-old.
Years
Tables
Six
Calculate "owner Earnings" To Get A True Reflection Of Value.
Reflection
Investing
Earning
So Smile When You Read A Headline That Says "investors Lose As Market Falls." Edit It In Your Mind To "disinvestors Lose As Market Falls-but Investors Gain." Though Writers Often Forget This Truism, There Is A Buyer For Every Seller And What Hurts One Necessarily Helps The Other. (as They Say In Golf Matches: "every Putt Makes Someone Happy.")
Hurt
Fall
Golf
We Need To Throw The Resources At This That Are Necessary. But Like I Say, We Are Not Spending Money. I Mean, If We Buy These Assets Intelligently, The United States Treasury Will Make Money. I Mean, It's Borrowing Money. It's Just A Few Percent A Year.
Mean
Years
United States
The Typical Large Company Has A Compensation Committee, They Don't Look For Dobermans On That Committee, They Look For Chihuahuas.
Typical
Looks
Dobermans
I Don't Know That I Could Draw One That's Perfect. But I'd Rather By Approximately Right Than Precisely Wrong, And It Would Be Precisely Wrong To Turn It Down.
Perfect
Would Be
Turns
Time Is The Friend Of The Wonderful Business. It's The Enemy Of The Lousy Business. If You're In A Lousy Business For A Long Time, You're Going To Get A Lousy Result, Even If You Buy It Cheap. If You're In A Wonderful Business For A Long Time, Even If You Pay A Little Too Much Going In, You're Going To Get A Wonderful Result If You Stay In A Long Time.
Time
Long
Enemy
Nevertheless, As Circumstances Presently Appear, I Feel Substantially Greater Size Is More Likely To Harm Future Results Than To Help Them. This Might Not Be True For My Own Personal Results, But It Is Likely To Be True For Your Results.
Might
Size
Helping
Wall Street Makes Its Money On Activity. You Make Your Money On Inactivity.
Wall
Streets
Inactivity
Let Only Individuals Contribute - With Sensible Limits Per Election. Otherwise, We Are Well On Our Way To Ensuring That A Government Of The Moneyed, By The Moneyed, And For The Moneyed Shall Not Perish From The Earth.
Government
Earth
Way
The Approach And Strategies Are Very Similar In That You Gather All The Information You Can And Then Keep Adding To That Base Of Information As Things Develop. You Do Whatever The Probabilities Indicated Based On The Knowledge That You Have At That Time, But You Are Always Willing To Modify Your Behaviour Or Your Approach As You Get New Information. In Bridge, You Behave In A Way That Gets The Best From Your Partner. And In Business, You Behave In The Way That Gets The Best From Your Managers And Your Employees.
Bridges
Behaviour
Information
Buy A Cross Section Of American Industry, And If A Cross Section Of American Industry Doesn't Work, Certainly Trying To Pick The Little Beauties Here And There Isn't Going To Work Either.
Trying
Littles
Here And There
In The Financial Markets I Find It Easy To Predict What Will Happen And Very Difficult To Predict When It Will Happen. I Think That Things Were Clear During The Bubble As To What Would Happen Eventually.
Thinking
Financial
Easy
Beware [of] The Investment Activity That Produces Applause; The Great Moves Are Usually Greeted By Yawns.
Moving
Investment
Applause
I Mean, If Pearl Harbor Came Along, You Could Have Said The Planning Was Wrong By The Military Ahead Of Time Or Maybe The Battleships Shouldn't Have All Been In The Harbor And All That Kind Of Thing.
Military
Mean
Pearls
Cash Combined With Courage In A Time Of Crisis Is Priceless.
Intelligent
Investing
Cash
An Investor Should Act As Though He Had A Lifetime Decision Card With Just Twenty Punches On It.
Decision
Twenties
Cards
Most Investors, Both Institutional And Individual, Will Find That The Best Way To Own Common Stocks (shares') Is Through An Index Fund That Charges Minimal Fees. Those Following This Path Are Sure To Beat The Net Results (after Fees And Expenses) Of The Great Majority Of Investment Professionals.
Majority
Way
Path
I Think The Most Important Factor In Getting Out Of The Recession Actually Is Just The Regenerative Capacity Of - Of American Capitalism.
Thinking
Important
Capacity
The Most Common Cause Of Low Prices Is Pessimism - Sometimes Pervasive, Sometimes 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.
Business
Insightful
Causes
The Power Of Unconditional Love. I Mean, There Is No Power On Earth Like Unconditional Love.
Mean
Unconditional Love
Earth
In A Bull Market, One Must Avoid The Error Of The Preening Duck That Quacks Boastfully After A Torrential Rainstorm, Thinking That Its Paddling Skills Have Caused It To Rise In The World. A Right-thinking Duck Would Instead Compare Its Position After The Downpour To That Of The Other Ducks On The Pond.
Thinking
Errors
Skills
Your Money Can Be Inflated Away But Your Knowledge And Talent Cannot.
Talent
If You Understood A Business Perfectly And The Future Of The Business, You Would Need Very Little In The Way Of A Margin Of Safety. So, The More Vulnerable The Business Is, Assuming You Still Want To Invest In It, The Larger Margin Of Safety You'd Need. If You're Driving A Truck Across A Bridge That Says It Holds 10,000 Pounds And You've Got A 9,800 Pound Vehicle, If The Bridge Is 6 Inches Above The Crevice It Covers, You May Feel Okay, But If It's Over The Grand Canyon, You May Feel You Want A Little Larger Margin Of Safety.
Bridges
Safety
Needs
You Know, People Talk About This Being An Uncertain Time. You Know, All Time Is Uncertain. I Mean, It Was Uncertain Back In - In 2007, We Just Didn't Know It Was Uncertain. It Was - Uncertain On September 10th, 2001. It Was Uncertain On October 18th, 1987, You Just Didn't Know It.
Mean
People
Uncertain Times
There's Nothing Inappropriate About Having Debt In America. It's What Helped Us Grow Over Time. And It's When Debt Gets Out Of Control That You Worry.
America
Worry
Debt
It's A Nightmare To Administer Some Of This Sort Of Thing, But I Want To Tell The Shareholders Of Berkshire, To The Percent We Own Marketable Securities Or Things For Which There Are Market, Even If Those Markets - I Want To Tell Them What It's All About.
Want
Nightmare
Shareholders
I'm Just Lucky To Have Been In The Right Place At The Right Time. Another Place, Another Time, I Wouldn't Have Been As Successful. Society Enabled Me To Make My Money And My Money Should Go To Society.
Successful
Lucky
Should
I Mean, They Were Getting The Mortgage Of Some Guy In Omaha, You Know, Securitized A Couple Of Times. I Mean He Had All These - They Had All These Types From Wall Street, You Know, And They Had Advanced Degrees, And They Look Very Alert, And They Came With These - They Came With These Things That Said Gamma And Alpha And Sigma And All That. And All I Can Say Is Beware Of Geeks, You Know, Bearing Formulas. They've Heard That In Europe.
Wall
Couple
Mean
The Strategy We've Adopted Precludes Our Following Standard Diversification Dogma. Many Pundits Would Therefore Say The Strategy Must Be Riskier Than That Employed By More Conventional Investors. We Disagree. 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.
Business
Believe
Thinking
It's Almost Impossible To Overpay The Truly Extraordinary Ceo... But The Species Is Rare.
Impossible
Ceo
Species
When People Tell Me They've Learned From Experience, I Tell Them The Trick Is To Learn From Other People's Experience.
Love
Marriage
People
The Capital Gains Tax Is 15 Percent Now. So I Sit There In My Office And I Make A Lot Of Money By Capital Gains, And I Pay 15 Percent, And I Pay No Payroll Tax On It.
Payroll Tax
Office
Gains
Our Goal Is To Find An Outstanding Business At A Sensible Price, Not A Mediocre Business At A Bargain Price.
Goal
Outstanding
Mediocre
We're Perfectly Willing To Trade Away A Big Payoff For A Certain Payoff.
Bigs
Payoff
Certain
There Is One Thing Of Which I Can Assure You. If Good Performance Of The Fund Is Even A Minor Objective, Any Portfolio Encompassing One Hundred Stocks (whether The Manager Is Handling One Thousand Dollars Or One Billion Dollars) Is Not Being Operated Logically. The Addition Of The One Hundredth Stock Simply Can't Reduce The Potential Variance In Portfolio Performance Sufficiently To Compensate For The Negative Effect Its Inclusion Has On The Overall Portfolio Expectation.
Expectations
Negative
Dollars
I Mean You Know At Midnight Everything Is Going To Turn To Pumpkins And Mice; Right? But If The Evening Goes Along, I Mean, You Know, The Guys Look Better All The Time, The Music Sounds Better, It's More And More Fun, You Think Why The Hell Should I Leave At Quarter Of 12. I'll Leave At Two Minutes To 12. But The Trouble Is, There Are No Clocks On The Wall. And Everybody Thinks They're Going To Leave At Two Minutes To 12.
Wall
Fun
Mean
A Contrarian Approach Is Just As Foolish As A Follow-the-crowd Strategy. What's Required Is Thinking Rather Than Polling.
Thinking
Crowds
Strategy
I Measure Success By How Many People Love Me. And The Best Way To Be Loved Is To Be Lo Veable.
People
Way
Measure Of Success
It's Better To Hang Out With People Better Than You. Pick Out Associates Whose Behavior Is Better Than Yours And You'll Drift In That Direction.
Funny
Money
Business
I Don't Want To Give A Lecture To This Body That's Out There. You Know, I Mean, Having Had The Heart Attack, I Want To Get It Back Functioning. And As A Practical Matter, I Mean If You Were Bear Stearns, And You Were A Shareholder, You Know, You Lost 90 To 95 Percent Of Your Money. A Good Many Lost Their Jobs. They Lost Very Cushy Lives, Many Of Them.
Jobs
Heart
Mean
It Is Impossible To Unsign A Contract, So Do All Your Thinking Before You Sign.
Thinking
Impossible
Contracts
I Read Annual Reports Of The Company I'm Looking At And I Read The Annual Reports Of The Competitors - That Is The Main Source Of Material.
Source
Annual Reports
Company
It Is Better To Point Out Your Own Mistakes Than Have Somebody Else Do It.
Mistake
The Best Education You Can Get Is Investing In Yourself, And That Doesn't Mean College Or University.
Mean
College
Investing
Do Not Put All Your Eggs In One Basket.
Easter
Eggs
Investment Success
Enjoy Your Work And Work For Whom You Admire.
Investing
Admire
Enjoy
Generally, We Have Translated Greater Output In The Few Hours Of Work Per Week Over The Last Century. And That's A Good Trend Of The Future. But We Do Have To Have A System That, As Output Of Goods And Services Keeps Increasing Per Capita, That It Takes Care Of The People Who Are Willing To Work And Really Are Not Getting By Very Well With A Family On A 40-hour Week.
People
Care
Week
It's A Big Mistake To Try And Mislead People. They Will Turn Around.
Mistake
People
Trying
A Pin Lies In Wait For Every Bubble And When The Two Eventually Meet, A New Wave Of Investors Learns Some Very Old Lessons.
Lying
Two
Waiting
The Real Fortunes In This Country Have Been Made By People Who Have Been Right About The Business They Invested In, And Not Right About The Timing Of The Stock Market.
Country
Real
People
With A Wonderful Business, You Can Figure Out What Will Happen; You Can't Figure Out When It Will Happen. You Don't Want To Focus On When, You Want To Focus On What. If You're Right About What, You Don't Have To Worry About When
Worry
Focus
What If
That's The Reality Of What They're Going To Sell Them To The Treasury For.
Reality
Treasury
Sells
We All Make Mistakes. If You Can't Make Mistakes, You Can't Make Decisions. I've Made A Lot Bigger Mistakes Myself.
Mistake
Decision
Made
The Smarter The Journalists Are, The Better Off Society Is. For To A Degree, People Read The Press To Inform Themselves - And The Better The Teacher, The Better The Student Body.
Teacher
People
Degrees
John Maynard Keynes Essentially Said, Don't Try And Figure Out What The Market Is Doing. Figure Out A Business You Understand, And Concentrate.
Trying
Keynes
Figures
There Is No Perfect Mathematical Formula For Pricing A Business.
Perfect
Mathematical
Formulas
Be Fearful When The Markets Get Greedy, Be Greedy When The Markets Get Fearful.
Greedy
Fearful
Life Is Like A Snowball. The Important Thing Is Finding Wet Snow And A Really Long Hill.
Long
Snow
Important
The Secret Is To Find What You Love To Do.i Mean, I Tell The Students Look For The Job That You Would Take If You Didn't Need A Job. I Mean, It's That Simple. And I Was Lucky Enough To Find It Very Early In Life. And Then The Second Thing Is To Have People Around You That Make Feel Good Every Day, And Make You A Better Person Than You Otherwise Would Be.
Mean
Simple
People
I Don't Have My Diploma From The University Of Nebraska Hanging On My Office Wall, And I Don't Have My Diploma From Columbia Up There Either-but I Do Have My Dale Carnegie Graduation Certificate Proudly Displayed.
Wall
Office
Nebraska
Understanding Quotes: Their Essence and Application

Quotes, or quotations, are powerful tools in communication, encapsulating ideas, emotions, and wisdom in concise expressions. They serve various purposes across different contexts, from academic writing to everyday conversation.

1. Defining Quotes

A quote is a repetition of someone else's statement or thoughts. It can be a direct replication of words spoken or written by another individual, often used to support arguments, provide evidence, or convey profound insights.


2. The Importance of Quotes

2.1. Enhancing Credibility

Incorporating quotes from authoritative sources can bolster the credibility of your work. By referencing experts or primary sources, you demonstrate thorough research and a solid foundation for your arguments.


2.2. Providing Evidence

Quotes serve as concrete evidence to support claims. In academic and professional writing, they validate points made, offering readers a basis to trust the information presented.


2.3. Conveying Emotions and Perspectives

Quotes can encapsulate emotions and perspectives succinctly. They allow writers to express complex feelings or viewpoints through the words of others, often more eloquently than paraphrasing.


3. Types of Quotes

3.1. Direct Quotes

Direct quotes involve copying the exact words from a source, enclosed in quotation marks. They are used when the original wording is significant or particularly well-expressed.


3.2. Indirect Quotes (Paraphrasing)

Indirect quotes restate the original message in your own words. While not enclosed in quotation marks, they still require proper attribution to the original source.


3.3. Block Quotes

Block quotes are lengthy direct quotations, formatted as a separate block of text. They are typically used for quotes exceeding a certain length, varying by citation style. For instance, in APA style, quotes longer than 40 words are formatted as block quotes.



4. Proper Usage of Quotes


4.1. Contextual Relevance

Ensure that the quote you choose is relevant to the topic and adds value to your content. Avoid inserting quotes solely for decorative purposes.


4.2. Integration into Your Writing

Seamlessly integrate quotes into your writing. Introduce them appropriately and follow up with analysis or commentary to connect them to your main points.


4.3. Attribution and Citation

Always attribute quotes to their original authors and provide proper citations according to the required style guide (APA, MLA, Chicago, etc.).


5. Common Mistakes to Avoid


5.1. Overusing Quotes

Relying too heavily on quotes can overshadow your voice. Use them sparingly to support your arguments, not replace them.


5.2. Lack of Analysis

Presenting a quote without analysis or explanation can leave readers questioning its relevance. Always follow up with your interpretation or discussion.


5.3. Misquoting or Taking Out of Context

Ensure that quotes are accurate and not taken out of context, as this can mislead readers and undermine your credibility.



6. Quotes in Different Contexts


6.1. Academic Writing

In academic writing, quotes are used to support arguments, provide evidence, and engage with existing literature. Proper citation is crucial to avoid plagiarism.


6.2. Journalism

Journalists use quotes to provide firsthand accounts, add authenticity, and present multiple perspectives within a story.


6.3. Literature and Creative Writing

In literature, quotes can be used to convey character voices, themes, and stylistic elements. They enrich narratives and provide depth to storytelling.



7. Punctuation and Formatting


Understanding the correct punctuation and formatting of quotes is essential:


Quotation Marks: Always enclose direct quotes within quotation marks.


Punctuation Placement: In American English, periods and commas are placed inside quotation marks, while colons and semicolons are placed outside.


Block Quotes: For longer quotes, format them as block quotes without quotation marks, and indent the entire block.



8. Ethical Considerations


Ethical use of quotes involves accurate representation, proper attribution, and respect for intellectual property. Misuse can lead to plagiarism, which carries serious academic and professional consequences.

9. Tools for Managing Quotes


Utilize tools like citation generators and plagiarism checkers to manage quotes effectively. These tools help ensure proper formatting and originality in your writing.



Conclusion


Quotes are invaluable in enriching content, providing evidence, and conveying complex ideas succinctly. When used appropriately, they enhance the quality and credibility of your writing. Always ensure relevance, proper integration, and ethical usage to maximize their impact.


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