Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.
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Do not take yearly results too seriously. Instead, focus on four or five-year averages.
The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.
The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.
Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
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