A Quote by James O'Shaughnessy
You'll get nowhere buying stocks just because they have a great story.
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I don't try and guess when to get in and out of the market. I have owned stocks consistently since 1942. I owned the - I was buying stocks the day before the election. I was buying the same stocks the day after election. And if Hillary had been elected, it would have been the same thing.
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.
In the summer of 1990, I was buying stocks and I was probably three or four months early there. But we had a great rally in 1991.
There comes a point in every story where you have got a reservoir of knowledge, and you are then really just adding the substantial new facts to your understanding of it. That is the easiest situation, because you can call on that reservoir, but when you get a sudden story out of nowhere, like ebola, you don't have a reservoir of knowledge.
The people who are buying stocks because they're going up and they don't know what they do, deserve to lose money.
The people who are buying stocks because they're going up and they don't know what they do deserve to lose money.
When there is some fear about accounting and growth and the economy, food stocks are a decent place to be, ... This company has been through a bit of a restructuring the last couple of years. Management is doing a great job. The company is improving and people are buying chocolate. So, what a great week to buy it.
The investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is true even when he cashes in a goodly profit, unless either (a) he is definitely through with buying stocks an unlikely story or (b) he is determined to reinvest only at considerably lower levels. In a continuous program no market profit is fully realized until the later reinvestment has actually taken place, and the true measure of the trading profit is the difference between the previous selling level and the new buying level.
I buy stocks when they are battered. I am strict with my discipline. I always buy stocks with low price-earnings ratios, low price-to-book value ratios and higher-than-average yield. Academic studies have shown that a strategy of buying out-of-favor stocks with low P/E, price-to-book and price-to-cash flow ratios outperforms the market pretty consistently over long periods of time.
The young men, they look to me for a story they can get nowhere else, a challenging risky story.
I like to think that people are buying Emilia Wickstead because they want to keep it in their wardrobe as an investment piece; she's not just buying it because it's of the moment or what's currently in season.
Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
Common hedging techniques include shorting stocks, buying put options, writing call options, and various types of leverage and paired transactions. While I do reserve the right to use these tools if and when appropriate, my firm opinion is that the best hedge is buying an appropriately safe and cheap stock.
I believe that there are human stocks with whom it is physically unwise to intermarry, but to think that these stocks are all colored or that there are no such white stocks is unscientific and false.
Whether it's buying products or researching what you're buying, or just becoming aware of what you're buying, you're saying so much with the money that you're spending.
I had a few stocks, but stocks took a dive. I never sell my stocks.
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