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" Well-managed companies with independent boards have nothing to fear from activist shareholders. "

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" The consequences of overestimating a company and your ability to analyse it are greatly diminished when you're paying a lot less for it than your analysis shows it is worth. "

" We call ourselves 'opportunistic value investors.' "

" I'd say the general outline of a sound investment approach is, first of all, you have to decide are you going to try to be an investor yourself? The answer for most people is probably they shouldn't try. You should put your money in index funds and not try to be a stock picker. "

" Without doubt, timely and democratic access to financial and market information contributes to smoothly functioning financial markets. "

" Because I'm a very public figure, everybody knows what my returns are. "

" Early in my career, we were just pure bottoms-up stock pickers. "

" While everyone would love to have that perfect portfolio of stocks that can be bought and held forever, it usually does not work out that way. Markets, technology, and businesses change too quickly to put portfolios on autopilot. "

" I believe our schools will actually get better if layoffs are done carefully, such that only the very worst teachers are let go. "

" While I take no pleasure in others' misfortunes, we've historically made most of our profits from other investors behaving in a panicked and irrational fashion and selling us certain stocks at prices far below their intrinsic value. More volatility equals cheaper stocks, which equals higher returns. "

" There is no sure-fire way to get rich quickly. In fact, the pursuit of that usually leads to ruin. "

" Parents are, of course, most important in shaping their children's lives, but teachers are critically important as well. Who among us doesn't look back on a few great teachers who inspired us, opened up new worlds, and helped make us who we are? "

" Just because a company's future is highly uncertain doesn't mean an investment in it is risky. In fact, some of the best potential investments are highly uncertain but have little risk of permanent capital loss. "

" There's a real company in Facebook and then a lot of pretenders riding their coat tails. "

" One of the best places to look for value is what I call 'babies thrown out with the bathwater' - in other words, scour the most out-of-favour sectors for good companies whose stocks have been crushed due to overblown concerns about the industry that do not, in fact, have an impact on the company. "

" While there's always plenty of room for improvement, our government is actually quite effective and efficient. Our military and judicial systems and national parks are the best in the world. Unlike in countries where government corruption is rampant, I've never once been solicited for a bribe. "

" I love and celebrate good teachers, and it's critical that we do more to identify them and keep them happy and motivated. "

" Even the greatest companies encounter problems or otherwise fall out of favour. "

" I have encountered thousands of value investors over the years and am constantly struck by their differences - and their similarities. "

" I have long believed the corporate world is plagued by poor capital allocation decisions. "

" I think that most people who complain about our government have no idea what they're talking about because they've never been to a country with a bad government. "

" I am part of the 1 percent of the 1 percent. By that, I mean that I am fortunate to be a wealthy American, and I say, 'It's okay to raise my taxes.' "

" My portfolio consists of many companies I find fundamentally undervalued in which I expect activism to play a role in the value being realised. "

" No one would suggest completely ignoring news about your investments. Enron investors, for example, would have been well served to sell once early reports of accounting irregularities surfaced. But the key is to keep news in context and act only if further reflection or study indicates that the core thesis for an investment has changed. "

" In the game of politics, both parties are sometimes guilty of passing really stupid laws that, in reality, are purely symbolic and have no real impact on anyone. "

" We like to say we pray in the church of Graham, Dodd, Buffett, and Munger. "

" Humans are hard-wired to be irrational when it comes to financial decisions. We must understand that so we don't become the sucker at the poker table. "

" There is a natural tendency for investors to devote a significant majority of their time to finding new ideas. After all, uncovering great companies selling at great prices is the lifeblood of successful investing. But in the never-ending quest for the next great idea, investors often give short shrift to their existing investments. "

" When it comes to owning stocks of the best-known businesses in the world, value investors usually feel like children looking through the window of the candy store, unable to afford the treats inside because they refuse to pay the prices such high-quality franchises typically bear. "

" When high-growth companies slow down, growth and momentum junkies often sell indiscriminately, which can create great opportunities for value investors. Just be careful not to anchor on the stock's previous price or earnings multiple, which are no longer relevant. "

" Investing is a probabilistic business. Every once in a while, it's sort of like you're throwing six-sided dice, and anything except a one or a two, you're doing well. Statistically speaking, you throw the dice enough times, you're going to throw a one or a two five times in a row, and you're going to look pretty foolish, right? "