"When all the experts and forecasts agree – something else is going to happen."
"Invest with a margin of safety. It is precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.”
Growth has improved relative to value, because like relative valuations, fundamentals have trended rather than mean reverted.”
"Incentives and free markets are essential for a high-functioning economy, but their existence assures that some members of the economy will do better than others. You can’t have one without the other.”
"Invest with a margin of safety. It is precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.”
Growth has improved relative to value, because like relative valuations, fundamentals have trended rather than mean reverted.”
"Incentives and free markets are essential for a high-functioning economy, but their existence assures that some members of the economy will do better than others. You can’t have one without the other.”