These quotes are the best I have found. They are mainly related
with my passion: investing. By refreshing the page you get new
random quotes from my collection, feel free to contact me.
Cheers! jrv

"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea on them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of a doubt, what is laid before him."
-- Leo Tolstoy - used as the intro to "The Big Short"

"If you took out our top fifteen decisions, we would have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor."
-- Charlie Munger

Say not, 'I have found the truth,' but rather, 'I have found a truth.'
-- Kahlil Gibran



"Great stocks are extremely hard to find. If they weren’t, then everyone would own them."
-- Philip A. Fisher

"Don’t overstress diversification."
-- Philip A. Fisher - "One of the don'ts for investors"

The chains of habit are too light to be felt until they are too hard to be broken.
- Talk to Columbia Business School
-- Warren Buffett

"The line separating investment and speculation, which is never brightand clear, becomes blurred still further when most market participantshave recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities -- that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future -- will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands."
- Berkshire Hathaway 2000 Chairman's Letter
-- Warren Buffett

There is one quality which one must possess to win, and that is definiteness of purpose, the knowledge of what one wants, and a burning desire to possess it.
-- Napoleon Hill

“If you are a value investor, you have to be a long-term investor. And if you accept that, then you understand that you will lag your peers or the benchmark at times,” Mr. Eveillard said. “The truth is, it's warmer inside the herd. It's moving outside the herd that is hard to do.”
-- Jean-Marie Eveillard

The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage, accounting gimmickry, etc.) and not the achievement of consistent gains in earnings per share.
-- Warren Buffett

"If you expect to be a net saver during the next 5 years, should you hope for a higher or lower stock market during that period?"Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall."This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices."
- 1997 Chairman's Letter to Shareholders
-- Warren Buffett

"For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up."
-- Warren Buffett

"Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?"
- 1987 Chairman's Letter to Shareholders
-- Warren Buffett

"4. Does the company have an above average sales organization?"
-- Philip A. Fisher - "One of the Fifteen points to look for in a common stock"

"The chief losses to investors come from the purchase of low quality securities at times of favorable business conditions"
-- Benjamin Graham

A story that was passed down from Ben Graham illustrates the lemminglike behavior of the crowd: Let me tell you the story of the oil prospector who met St. Peter at the Pearly Gates. When told his occupation, St. Peter said, "Oh, I'm really sorry. You seem to meet all the tests to get into heaven. But we've got a terrible problem. See that pen over there? That's where we keep the oil prospectors waiting to get into heaven. And it's filled, we haven't got room for even one more." The oil prospector thought for a minute and said, "Would you mind if I just said four words to those folks? I can't see any harm in that," said St. Pete. So the old-timer cupped his hands and yelled out, "Oil discovered in hell!" Immediately, the oil prospectors wrenched the lock off the door of the pen and out they flew, flapping their wings as hard as they could for the lower regions. "You know, that's a pretty good trick," St. Pete said. "Move in. The place is yours. You've got plenty of room." The old fellow scratched his head an
d said, "No. If you don't mind, I think I'll go along with the rest of them. There may be some truth to that rumor after all."
-- Warren Buffett on Benjamin Graham

One of the main weaknesses of mankind is the average man's familiarity with the word "impossible."
-- Napoleon Hill

"3. Don’t buy a stock just because you like the ‘tone’ of its annual report."
"The annual report may…reflect little more than the skill of the company’s public relations department in creating an impression about the company in the public mind."
-- Philip A. Fisher - "One of the don'ts for investors"