Have patience. Stocks don't go up immediately.
Buy stocks where the outlook is not good.
Make sure you have the courage to stay true to your convictions and not let the market affect your emotions.
You have to have patience in this field.
Price is the most important factor to use in relation to value.
Making a decision to sell is the most difficult thing we do.
Be aware of the level of the stock market. Are yields low and PE ratios high?
Be careful of leverage. It can go against you.
Some kinds of stocks are easier to analyse than others.
I'm not very good on timing. In fact, I've stayed away from it.
People don't like to buy things that are going down.
I find it helpful to buy near the low of the last few years.
One of the tricks of this business is, keep your losses down.
We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
You never get the high and you never get the low.
Try not to let your emotions affect your judgement.
Look at companies selling at new lows.
Have the courage of your convictions once you have made a decision.
Book values have some good and some bad features.
Most look at earnings and earnings potential, well I can't get into that game.
Enjoy your work and have ethical standards.
Remember that a share of stock represents a part of a business and is not just a piece of paper.
I agree with Warren to keep it simple and not use higher mathematics in your analysis.
We do not spend a great deal of time talking to management.
Stockbrokers aren't too interested in a stock you can sit there for five years with.
