The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.
Warren BuffettIntrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.
Warren BuffettDon't settle for anything other than your passion - if you're lucky enough to find it.
Warren BuffettI have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.
Warren BuffettConsciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation
Warren Buffett