A Quote by Walter Schloss
Try to buy assets at a discount than to buy earnings.
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That would be nice if [people] stuck [treasury bills] all under a mattress, but they got to buy something with them. Sometimes they buy a treasury note, sometimes they set up sovereign wealth funds. They can do all kinds of things. They can buy our companies here. As long as we consume more than we produce, and we trade away little pieces of the country daily, they're going to own something. Now, they can't run from American assets. I mean every day the rest of the world is going to have about two billion more of American assets than we have, as long as they sell us these goods.
We've been trained to spend money since we were born with all these commercials with toys and G.I. Joes and Transformers. But there's so many things in the supermarket, there's so many things on television that automatically, when you turn it on, are saying, 'Buy! Buy! Buy! Buy! Buy! Buy! Buy!'
From Nike, we buy victory. From Under Armour, we buy protection. From Lululemon, we buy zen. From Patagonia, we buy conservation. From BMW, we buy performance.
Investors have been too willing to buy stocks with strong reported earnings, even if they do not understand how the earnings are produced.
You can buy a man's time; you can buy his physical presence at a given place; you can even buy a measured number of his skilled muscular motions per hour. But you cannot buy enthusiasm... you cannot buy loyalty... you cannot buy the devotion of hearts, mind or souls. You must earn these.
We buy our way out of jail but we can't buy freedom,
We buy a lot of clothes when we don't really need them,
Things we buy to cover up what's inside.
Buy, buy, buy, buy! They want to grab you and trap you and turn you into little Elizabeth Hurleys.
Debt vultures are really the scum at the bottom of the pond. These are guys who buy up the debts of the world's poorest countries on the secondary market. You can go buy debts of a country like Peru, for example, at a real discount. Why? Because people think that the debts won't be repaid.
One of the big problems with growth investing is that we can't estimate earnings very well. I really want to buy growth at value prices. I always look at trailing earnings when I judge stocks.
My goal is to buy a company at a low multiple to normal earnings power several years out and that the company earns good returns on capital at that level of normal earnings. A holding period of more than one year also works quite well as the factors are persistent in years 2 and 3.
By using general consumption PPPs, the World Bank is, in effect, saying to the poor: "Sure, you cannot buy as much food as the dollar value we attribute to your income would buy in the United States. But then you can buy much more by way of services than you could buy with this PPP equivalent in the United States." But what consolation is this? The poor do not buy services - they are services, on their luckier days.
Abbott Labs absolutely are on the mend. You were able to buy 15 percent growth over the last five, 10 and 20 years at 13 or 14 times earnings, ... It's a great opportunity. Buy on this dip. We think a year from now the chart's going to be a mirror image on the up side.
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.
A young financial writer once brought ridicule upon himself by stating that a certain company had nothing to commend it except excellent earnings. Well, there are companies whose earnings are excellent but whose stocks I would never recommend. In selecting investments, I attach prime importance to the men behind them. I'd rather buy brains and character than earnings. Earnings can be good one year and poor the next. But if you put your money into securities run by men combining conspicuous brains and unimpeachable character, the likelihood is that the financial results will prove satisfactory.
I always buy something to make myself motivated. It's good to feel that you can buy something and motivate yourself. That's what I do, just buy stuff. I like to buy something new and then record.
Fifty years ago or a hundred years ago, generally, most people would buy a house the way you buy a car. When you buy a car, do you think, 'I better buy this year rather than next year because car prices might go up?'
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