You should look at stocks as small pieces of business.

I am out of step with present conditions. When the game is no longer played your way, it is only human to say the new approach is all wrong, bound to lead to trouble, and so on. On one point, however, I am clear. I will not abandon a previous approach whose logic I understand ( although I find it difficult to apply ) even though it may mean foregoing large, and apparently easy, profits to embrace an approach which I don't fully understand, have not practiced successfully, and which possibly could lead to substantial permanent loss of capital.

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.

Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.

I think confidence will come back.

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

When people talk about cash being king, it's not king if it just sits there and never does anything.