Phil Fisher was just telling me the same thing that Charlie was telling me, which was that it’s very important to get into a business with fundamentally good economics, and one that you could ride with for decades, rather than one where you had to go from flower to flower every day. That philosophy has carried me along. Now, I’ve learned different ways of applying it over the years, but it’s the way I think about businesses now.

Phil Fisher was just telling me the same thing that Charlie was telling me, which was that it’s very important to get into a business with fundamentally good economics, and one that you could ride with for decades, rather than one where you had to go from flower to flower every day. That philosophy has carried me along. Now, I’ve learned different ways of applying it over the years, but it’s the way I think about businesses now.

—Warren Buffett (2013)

When people don’t have access to a sufficiency of facts or information, they default to what little is available to them. It’s called availability error.

When people don’t have access to a sufficiency of facts or information, they default to what little is available to them. It’s called availability error.

(Linkhttps://horizonkinetics.com/wp-content/uploads/Q3-CVALUE-Review_FINAL.pdf)
“The fear about energy is understandable; I get it. When people don’t have access to a sufficiency of facts or information, they default to what little is available to them. It’s called availability error. In the financial markets, in the absence of better information, the default is price. It’s always available. And if price is all you have to go on, energy stock prices look scary. If it’s price, there are only two judgments: something’s up or it’s down, and that defines good or bad.”

Most folks are too busy with their jobs, their families, their hobbies and other interests to read even a small fraction of what they need to know to reach their financial goals. As a nation, we are largely financially illiterate.

Most folks are too busy with their jobs, their families, their hobbies and other interests to read even a small fraction of what they need to know to reach their financial goals. As a nation, we are largely financially illiterate.

— Alex Green

“Investors should purchase stock like they purchase groceries – not like they purchase perfume.” – Benjamin Graham

“You can’t pick cherries with your back to the tree.” – J.P. Morgan

“Investment success accrues not so much to the brilliant as to the disciplined.” – William J. Bernstein