"Don't confuse precision with insight. A forecast with three decimals looks smarter than a rough estimate and sometimes, it just looks that way. There’s no such thing as financial alchemy. A calculator can’t turn bad inputs into the right answer. That is why I prefer simple, transparent forecasts. They are easier to explain. Easier to challenge. Easier to improve. A complicated model can still be useful but please don't trust it just because it feels precise."
"Extreme scepticism, which is typical of initial reactions to truly transformative events, whether in geopolitics or financial markets, will probably turn out to be wrong."
"If you pay full intrinsic value, you’ll probably get a fair return; if you pay more, you’ll probably have an unsuccessful experience, but if you can buy it for less than the intrinsic value, you should have an above-average return. That’s value investing, and I think it is the intellectually soundest form of investing."
"We think we have safety nets like QE for bubbles, but this just pumps more gas into them."
"Extreme scepticism, which is typical of initial reactions to truly transformative events, whether in geopolitics or financial markets, will probably turn out to be wrong."
"If you pay full intrinsic value, you’ll probably get a fair return; if you pay more, you’ll probably have an unsuccessful experience, but if you can buy it for less than the intrinsic value, you should have an above-average return. That’s value investing, and I think it is the intellectually soundest form of investing."
"We think we have safety nets like QE for bubbles, but this just pumps more gas into them."