A Quote by Joel Greenblatt
The way we make money as a group is that we don't pay a lot for anything, and most of the stocks we buy have low expectations.
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In my opinion, the greatest misconception about the market is the idea that if you buy and hold stocks for long periods of time, you'll always make money. Let me give you some specific examples. Anyone who bought the stock market at any time between the 1896 low and the 1932 low would have lost money. In other words, there's a 36 year period in which a buy-and-hold strategy would have lost money. As a more modern example, anyone who bought the market at any time between the 1962 low and the 1974 low would have lost money.
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.
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.
You can only make money if you buy a product, whatever it is - maybe a currency, maybe wheat and maybe something else - at a relatively low price and sell it at a higher price than you buy it at. There's no other way to make money.
So the first thing I learned about how to get superior performance is not to buy stocks that are near their lows, but to buy stocks that are coming out of broad bases and beginning to make new highs.
If there's a recession, I'd buy stocks. That's when you make money: when markets are spooked.
Between eigtheen and twenty, life is like an exchange where one buys stocks, not with money, but with actions. Most men buy nothing.
Money is not the most important thing, but when you need it, there are few substitutes. So while I like the things money can buy, I love what money won't buy. It bought me a house but it won't buy me a home. It would buy me a companion but it won't buy me a friend.
I think that stocks have been this tremendous, tremendous equalizer for people in this country. Guys who can't make a lot of money at their jobs have been able to make a lot of money in the stock market.
If you are extremely well known and have a very desirable product, then yes, you probably do suffer a bit from piracy, in the same way that if you make a lot of money, you pay more in taxes than if you don't make any money.
Successful investors like stocks better when they’re going down. When you go to a department store or a supermarket, you like to buy merchandise on sale, but it doesn’t work that way in the stock market. In the stock market, people panic when stocks are going down, so they like them less when they should like them more. When prices go down, you shouldn’t panic, but it’s hard to control your emotions when you’re overextended, when you see your net worth drop in half and you worry that you won’t have enough money to pay for your kids’ college.
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.
The health insurance industry does not like to pay out claims, because they don't make money. The only way they can make a profit is if they don't pay for your operation. If they pay for your operation and your doctor's appointment and your pharmaceuticals, they don't make any money.
If expectations are low, you can only impress people. But if expectations are there for you to be the leading guy, and you've been paid X amount of money, you're on a tightrope, and all of a sudden, you're looking down.
I don't buy stocks, I make stocks.
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