Kenneth L. Fisher Famous Quotes
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Buy straw hats in the winter, when nobody wants them, and sell them in the summer when everybody needs them.
He accomplished this primarily by hooking up with his best friend, Henry Goldman, before the Goldman Sachs partnership. (They toyed with creating Goldman and Lehman but instead decided on splitting the profits 50/50.)
In investing, the crowd is wrong much more often than right.
Never pay attention to any price-weighted index.
1. Keep speculation and investments separate.
2. Don't be fooled by a name.
3. Be wary of new promotions.
4. Give due consideration to market ability.
5. Don't buy without proper facts.
6. Safeguard purchases through diversification.
7. Don't try to diversify by buying different securities of the same company.
8. Small companies should be carefully scrutinized.
9. Buy adequate security, not super abundance.
10. Choose your dealer and buy outright. (Babson abhorred any type of margin or installment payment plans and, in fact, claimed he never borrowed money.)
There are no good or bad stocks. The company is either good or bad. Stocks are just stocks.
The Commodore taught the financial world how to corner stocks, something illegal these days. But back then it was quite a feat.
People must be right sometimes, must feel good sometimes, or we'd never have a herd. They would just give up. The occasional rightness fosters false confidence, reinforcing the crowd's wisdom. It is plausible deniability for TGH. It is how TGH repeatedly sucks the crowd in, makes them ignore negatives, then doles out maximum pain and suffering.
Graham was not only the original quantitative analyst, to whom today's whole school of such thinking owes its heritage, but he was also a source of much of the fundamental analysis and lore that Wall Streeters follow today.
When is it safe to invest?' there are two answers ...
1. Never!
2. Always!
`Never for' the crowd... `Always' for the reasonable man; for it all depends upon what you call `safe,' in a world peopled by fallible human beings.
One of their most famous coups was underwriting a $10 million loan for a growing mail-order house called Sears, Roebuck, headed by Goldman's distant relative. It was the first time a mail-order security had ever been on the market-a calculated risk, but one that paid off.
Problem is, "everyone else" is as crowd-like as "everyone." Their opinions usually aren't unique, and their analysis often isn't any broader or better than the main crowd
No professional Wall Street tipster or plausible promoter can turn a sane person into a stock gambler as easily as his next-door neighbor bragging about his winnings. If all men profited by experience, the world would be peopled exclusively by the wise....
