Message
par Lionels » 25 septembre 2022, 06:06
Bjr à tous,
Je partage les miennes ci-dessous à toute fin utile. Je trouve qu’elle permettent de prendre de meilleures décisions surtout en cette périodes d’incertitude.
Walter Schloss
> Try to buy assets at a discount than to buy earnings. Earnings can change dramatically in a short time. Usually assets change slowly. One has to know much more about a company if one buys earnings.
> Have the courage of your convictions once you have made a decision.
> Don't sell on bad news
Peter Cundill
> The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic
> Discounts to NAV are not enough, in the long run you need earnings to be able to sustain and nurture the corporate values
> While it is the numbers that provide the ultimate margin of safety, without some form of catalyst markets can ignore value for frustrating long periods
> If it’s cheap enough,we don’t care what it is
> When a stock doubles, sell half - then what you have is a free position
Jeroen Bos
> Just because the markets are open for trading, it does not mean that we have to trade
> Share prices oscillate around NAV on a pretty regular basis because earnings are running the show
> I actually feel comfortable buying shares at the NAV level when a company is marginally profitable and the downside risk is more manageable
> My favourite value stocks are those that are light on fixed assets and heavy on current assets. By priorising shares with healthy current assets, you find shares whose value can be readily unlocked.
Warren Buffet
> When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
> A simple rule dictates my buying: be fearful when others are greedy, and be greedy when others are fearful
> Watch the downside, the upside will take care of itself.
> Risk comes from not knowing what you’re doing.
> Nous n’avons pas besoin d’être plus intelligents que les autres, nous avons juste besoin d’être plus disciplinés que les autres
> The single most important decision in evaluating a business is pricing power.
Monish Pabrai
> When we buy an asset for substantially less than what it's worth, we reduce downside risk
> Wall Street sometimes gets confused between risk and uncertainty, and you can profit handsomely from that confusion
Edgar Wachenheim
> At any one time, the price of a stock reflects the weighted opinion of the majority of investors. But most individuals and most investors simply end up being followers, not leaders.
> Surrounded by negative news, investors tend to make irrational and expensive decisions that are based more on emotions than on fundamentals
> My strategy is to purchase shares in anticipation of a positive change and then, normally, to sell the shares when the change occurs and is largely discounted into the price of the shares.
> I like to invest in strong and growing companies whose shares are temporarily depressed by understandable and solvable problems. However, I usually shy away from investing in weak companies that are suffering from problems that stem from their weakness
> Because we believe that information reduces uncertainty, we try to gather as much information as possible
> A shareholder makes money off the income statement, but survives off the balance sheet
> Normally, our valuation si based on a multiple of projected earnings. I simply use a 15 PE ratio for companies of average quality and growth potential.
> I draw a large distinction between the correctness of my decisions and the outcome of my decisions. I do my best to make decisions that make sense given everything I know, and I do not worry about the outcomes.
> The competence, motivation, and character of management often are critical to the success or failure of a company
Bruce Berkowitch
> I always suffered from premature accumulation
> You always have to have cash, especially when no one else has it
> When the market price exceeds our intrinsic value estimate, we’re sellers.
Divers
> Tout le malheur des hommes vient d’une seule chose, qui est de ne pas savoir demeurer en repos dans une chambre. Blaise Pascal
> La patience est amère, mais son fruit est doux. Jean-Jacques Rousseau
> Même le meilleur business du monde n'est pas un bon investissement si le prix est trop élevé. Lou Simpson
> Le risque réside plus souvent dans le prix d'achat que dans l'action elle-même. Christopher Browne
> La meilleure entreprise est peut-être déjà en portefeuille. Charlie Munger
> Before buying any stock, make sure you like it enough to hold on for at least two years, even if the price halves right after you buy it. Guy Spier
> The time of maximum pessimism is the best time to buy. Sir John Templeton
> The entrance strategy is actually more important than the exit strategy. Eddie Lampert
> Les investisseurs value ne cherchent pas à déterminer quelles sont les sociétés qui disposent d’un avantage compétitif pérenne, car ils sont sûrs que le jeu de la concurrence finira par le faire disparaître. William Higgons
> Keep your eyes wide open before marriage, half shut afterwards. Benjamin Franklin
> Invest in what you know. Peter Lynch
Bonne journée !
Because we believe information reduces uncertainty we try to gather as much information as possible
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