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subu76
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Joined: 25/Feb/2008
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Posts: 5709
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   Posted: 05/Nov/2008 at 12:37pm |
Thanks for the posts.
Very refreshing reading this after watching 1/2 an hour of stupidity on TV where everyone is trying to predict why certain sectors behaved in a certain way TODAY. I think i'll stop watching tv18 completly now and watch the cartoon channel instead. The lack of any discussion on fundamentals during entire shows of Udayan is really very dissapointing. It's all about trading range and other bull.
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omshivaya
Senior Member
Joined: 06/Sep/2006
Location: India
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Posts: 5966
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Posted: 05/Nov/2008 at 10:44am |
"The market ought to be irrelevant. If I could convince you of this one thing, I'd feel this book had done its job. And if you don't believe me, believe Warren Buffett. "As far as I'm concerned,", Buffett has written, "the stock market doesn't exist. It is there only as a reference to see if anybody is offering to do anything foolish"
...What makes him(Buffett) the greatest investor of all time is that during a certain period when he thought stocks were grossly overpriced, he sold everything and returned all the money to his partners at a sizable profit to them. The voluntary returning of money that others would gladly pay you to continue to manage is, in my experience, unique in the history of finance.
I'd love to be able to predict markets and anticipate recessions, but since that's impossible, I'm as satisfied to search out profitable companies as Buffett is. I've made money even in lousy markets, and vice versa. Several of my favorite tenbaggers made their biggest moves during bad markets."
(P89)
Edited by omshivaya - 05/Nov/2008 at 10:46am
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The most important quality for an investor is temperament,not intellect.A temperament that neither derives great pleasure from being with the crowd nor against it
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9StockPortfolio
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Joined: 10/Sep/2008
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Posts: 479
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Posted: 05/Nov/2008 at 10:52am |
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Just because a company is doing poorly doesn't mean it can't do worse.
Just because the price goes up doesn't mean you are right. Just because
the price goes down doesn't mean you are wrong. A stock does not know
that you own it.
.. Peter Lynch
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Pursuit of Value
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omshivaya
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Posted: 05/Nov/2008 at 11:09am |
Very nice quote. Thanks for sharing sir. Although as far as I know, that quote came from Warren Buffett. Here is the video where Buffett speaks on the same.
Edited by omshivaya - 06/Nov/2008 at 3:12pm
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The most important quality for an investor is temperament,not intellect.A temperament that neither derives great pleasure from being with the crowd nor against it
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omshivaya
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Joined: 06/Sep/2006
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Posts: 5966
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Posted: 06/Nov/2008 at 2:55pm |
(My notes: On betting proportionately or what could be called diversification in concentration)
"Consistent winners raise their bet as their position strengthens, and they exit the game when the odds are against them, while consistent losers hang on to the bitter end of every expensive pot, hoping for miracles and enjoying the thrill of defeat.
...Consistent winners also resign themselves to the fact that they'll occassionally be dealt three aces and bet the limit, only to lose to a hidden royal flush...People who succeed in the stock market also accept periodic losses, setbacks, and unexpected occurrences. Calamitous drops do not scare them out of the game.
...They realize that stock market is not pure science, and not like chess, where the superior position always wins. If seven out of ten of my stocks perform as expected, then I'm delighted. If six out of ten of my stocks perform as expected, then I'm thankful. Six out of ten is all it takes to produce an enviable record on Wall Street."
(P75)
Edited by omshivaya - 06/Nov/2008 at 2:59pm
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The most important quality for an investor is temperament,not intellect.A temperament that neither derives great pleasure from being with the crowd nor against it
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omshivaya
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Joined: 06/Sep/2006
Location: India
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Posts: 5966
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Posted: 07/Nov/2008 at 1:54pm |
"...what makes a company valuable, and why it will be more valuable tomorrow than it is today? There are many theories, but to me, it always comes down to earnings and assets. Especially earnings.
Sometimes it takes years for the stock price to catch up to a company's value, and the down periods last so long that investors begin to doubt that will ever happen. But value always wins out"
...Although it is easy to forget sometimes, a share of stock is not a lottery ticket. It's part ownership of a business."
(P161-162)
Edited by omshivaya - 07/Nov/2008 at 6:05pm
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The most important quality for an investor is temperament,not intellect.A temperament that neither derives great pleasure from being with the crowd nor against it
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9StockPortfolio
Senior Member
Joined: 10/Sep/2008
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Posted: 07/Nov/2008 at 9:24pm |
Originally posted by omshivaya
Very nice quote. Thanks for sharing sir. Although as far as I know, that quote came from Warren Buffett. Here is the video where Buffett speaks on the same. |
May be WB elaborating the same.. I read it in Peter Lynch's Interview on MSN money or CNN? I clicked the link in your thread, that was an interview of peter lynch taken in 1989 on publishing One up on Wall street. Last paragraph has these lines.. Or just turn up to Page 16 of the Book.. Under Important Points to remember..
Dear, do you have a soft copy of it? please send me at [email protected] is possible.
Edited by 9StockPortfolio - 07/Nov/2008 at 9:53pm
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Pursuit of Value
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omshivaya
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Posted: 07/Nov/2008 at 11:19pm |
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Okay, thanks for the info. Appreciate it!! I am sorry but I dont have a soft copy of 'One Up...' :-)
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The most important quality for an investor is temperament,not intellect.A temperament that neither derives great pleasure from being with the crowd nor against it
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