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If you had a silver bullet and you could put it through the head of one competitor.

If you don’t know enough to know about the business instantly, you won’t know enough in a month or in two months. You have to have sort of the background of understanding and knowing what you do or don’t understand. That is the key. It is defining your circle of competence. Everybody has got a different […]

valueandprices
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Paying Up Rarely Pays off

What does all this have to do with picking solid stocks? By paying close attention to the price you pay for a stock, you minimize your speculative risk, which helps maximize your total return. No one knows what a stocks speculative return will be over the next year – or even 10 years- but we […]

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SPECULATION AND INSTABILITY

Instability of private investment arising out of the behaviour of speculators and ‘amateur’ investors on the stock markets, where they wish to get rich quickly. Speculators are not long-term investors. A professional long-term investor would make a careful calculation of the prospective yield of a capital asset before making up his mind about whether to […]