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“15. Does the company have a management of unquestionable integrity?”
– Philip A. Fisher – “One of the Fifteen points to look for in a common stock”

“5. Does the company have a worthwhile profit margin?”
– Philip A. Fisher – “One of the Fifteen points to look for in a common stock”

“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”
– Warren Buffett

What you really want to do in investments is figure out what’s important and knowable. If it’s unimportant or unknowable you forget about it.
– Warren Buffett

“The future is never clear, and you pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values.”
– Warren Buffett

Friendship is always a sweet responsibility, never an opportunity.
– Kahlil Gibran

I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you’re well on your way to success in this world.

We try more to profit from always remembering the obvious than from grasping the esoteric.
– Charlie Munger

“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”
– Warren Buffett

A girl in a convertible is worth five in the phonebook.
- Berkshire Hathaway 2000 Chairman’s Letter.
– Warren Buffett

“I would rather lose half our shareholders…than lose half our shareholder’s money.”
– Jean-Marie Eveillard

Book value is an accounting concept, recording the accumulated financial input from both contributed capital and retained earnings. Intrinsic business value is an economic concept, estimating future cash output discounted to present value. Book value tells you what has been put in; intrinsic business value estimates what can be taken out.
– Warren Buffett

“If a business earns 6% on capital over forty years, you’re not going to make much different than 6% return, even if you buy it at a huge discount. Conversely, if a business earns 18% on capital, you’ll end up with one hell of a return long term, even if you pay an expensive looking price.”
– Charlie Munger

“Don’t fail to consider time as well as price in buying a true growth stock.”
– Philip A. Fisher – “One of the don’ts for investors”

The way to look at a business is, “Is this going to keep producing more, and more, and more money over time?” And if the answer to that is yes, you don’t need to ask any more questions.
– Warren Buffett

The majority of people permit relatives, friends, and the public at large to so influence them that they cannot live their own lives, because they fear criticism.
– Napoleon Hill

“4. Don’t assume that the high price at which a stock my be selling in relation to earnings is necessarily an indication that further growth in those earnings has largely been discounted already in the price.”
“…why shouldn’t this stock sell five years from now for twice the price-earnings ratio of these more ordinary stocks just as it is doing now and has done for many years past?”
– Philip A. Fisher – “One of the don’ts for investors”

Determine value apart from price; progress apart from activity; wealth apart from size.
– Charlie Munger

About jrv

I was born in Spain and lived in Belgium, Chile, France, USA, Argentina among other places. Currently I am trying to settle down in a wild place. I am "retired", even though now I dedicate more hours "working" for my investments than I ever worked in the real labor market where I used to work in IT and Banking. I am a family man, I have a lovely wife, several sons and one step daughter. I have humble tastes, I like to stay home and read about companies and investments. I started investing at 25 before the internet bubble exploded. I did not know much about investing and liked technical analysis so my results were pretty bad. Fortunately I did not have much to lose. Some years later in 2006 bored of doing only real state investments and with quite a lot of money saved I opened an account in a cheap and excellent online broker and started again. This time I did not want to commit the same mistake, so I decided to follow a model. I heard that Warren Buffett was the best at making money via stocks so I started by reading a lot about him, all of his shareholders letters and several of the books that he recommended. I learned a lot, started applying his investing principles and reading a lot of 10K's. Digested news from lots of different sources. Basically I started buying very good and cheap companies and holding them for ever if possible and if nothing changed fundamentally. When the housing crisis started I was more than 75% cash. At that time I identified good companies at incredibly cheap prices so I invested most of my savings in stocks. In less than I year I doubled. By the second semester of 2009 I turned my software company into an investment vehicle and dedicated myself full time to it. My wife and I decided to change our lifestyle and moved from Belgium to the beach in a wild country. The goal was to keep fixed costs low in order to be able to live with a minimum 6-8% yearly return but specially to move away from the inhuman life of civilization and to have finally some peace and sunny weather to concentrate better on investing. Now I can think and study about companies 60 hours a week and I am doing great. I can finally do what I want full time and can proudly say that I have never been so happy, specially also with my just born 4th son, my other great kids and my sweet wife who supports me fully while I study most of the day and patiently wait for the opportunity to make a swing ! You can learn a bit more about my portfolio by viewing it at www.kuchita.com/view/sumo.php or you may learn more about me and my family by following the link "Author's site" from the menu above.
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