A Quote by David Dreman
If you have good stocks and you really know them, you'll make money if you're patient over three years or more.
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We've got a form of brainwashing going on in our country…. Do you know how they brainwash people? They repeat something over and over. And that's what we do in this country. Owning things is good. More money is good. More property is good. More commercialism is good. MORE IS GOOD. MORE IS GOOD. We repeat it--and have it repeated to us--over and over until nobody bothers to even think otherwise. The average person is so fogged up by all this, he has no perspective on what's really important anymore.
But my system for over 30 years has been this: When stocks are attractive, you buy them. Sure, they can go lower. I've bought stocks at $12 that went to $2, but then they later went to $30.
In the stock market (as in much of life), the beginning of wisdom is admitting your ignorance. One of the many things you cannot know about stocks is exactly when they will up or go down. Over the long term, stocks generally rise at a nice pace. History shows they double in value every seven years or so. But in the short term, stocks are just plain wild. Over periods of days, weeks and months, no one has any idea what they will do. Still, nearly all investors think they are smart enough to divine such short-term movements. This hubris frequently gets them into trouble.
You don’t make money when you buy stocks. And you don’t make money when you sell stocks. You make money by waiting.
You don't make money when you buy stocks. And you don't make money when you sell stocks. You make money by waiting.
Good Lord, I don't know what 'rights' a man has! And I don't know the solution of boredom. If I did, I'd be the one philosopher that had the cure for living. But I do know that about ten times as many people find their lives dull, and unnecessarily dull, as ever admit it; and I do believe that if we busted out and admitted it sometimes, instead of being nice and patient and loyal for sixty years, and then nice and patient and dead for the rest of eternity, why, maybe, possibly, we might make life more fun.
Absent a lot of surprises, stocks are relatively predictable over twenty years. As to whether they're going to be higher or lower in two to three years, you might as well flip a coin to decide.
Jazz musicians don't make any money, so I might as well make some on the market. I pick my own stocks - Microsoft, Dell - the tech stocks, the breadwinners.
People will make worse financial decisions for them if they're choosing from a lot of options than if they're choosing from a few options. If they have more options they're more likely to avoid stocks and put all their money in money market accounts, which doesn't even grow at the rate of inflation.
Everybody wants to make some money, but they really love what they do. You got others who are just "money, money, money," and fast life and women and everything. They go a whole other route. That's a fight of good vs. evil. A balance. It seems that more of these stations are pushing a negative side instead of keeping a balance, and to me, that's a conspiracy that's going on all over the planet.
If you know how to value businesses, it's crazy to own 50 stocks or 40 stocks or 30 stocks, probably because there aren't that many wonderful businesses understandable to a single human being in all likelihood. To forego buying more of some super-wonderful business and instead put your money into #30 or #35 on your list of attractiveness just strikes Charlie and me as madness.
[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs.
For years, the Democrats have controlled the inner cities; some up to 100 years; some over 100 years; unbroken. I say to the African American community and to the Hispanic community: What the hell do you have to lose? I will fix it. We will make them good. We'll make them safe. We'll bring back jobs. We'll create good, good schools and education.
If you hope to have more money tomorrow than you have today, you've got to put a chunk of your assets into stocks. Sooner or later, a portfolio of stocks or stock mutual funds will turn out to be a lot more valuable than a portfolio of bonds or CDs or money-market funds.
I'm good with songs I haven't written, if I like them. I'm glad I didn't write any of them. I already know how they go, so I have more freedom with them. I understand these songs. I've known them for 40 years, 50 years, maybe longer, and they make a lot of sense. So I'm not coming to them like a stranger.
Money you won't need to use for at least seven years is money for investing. The goal here is to have your account grow over time to help you finance a distant goal, such as building a retirement fund. Since your goal is in the future, money for investing belongs in stocks.
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