A cheaper price could not offset ordinary management
“Even if the price had been cheaper but the management had been run-of-the-mill, we would not have bought the business.”
Investing
Warren Buffett's July 1966 letter to Buffett Partnership partners, one of the letters in Buffett Partnership Letters, 1957–1970.
His holdings all look undervalued to him
“All of our investments usually appear undervalued to me - otherwise we wouldn't own them.”
Trading on the company, not the market
“We don't buy and sell stocks based upon what other people think the stock market is going to do (I never have an opinion) but rather upon what we think the company is going to do.”
Market sets when, analysis sets whether
“The course of the stock market will determine, to a great degree, when we will be right, but the accuracy of our analysis of the company will largely determine whether we will be right.”
Measuring December against last December
“What really counts is whether December is better than last December by a margin greater than our competitors' and what we are doing to set the stage for future Decembers.”
Guesses and emotions endanger a long-run edge
“If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.”
Attractive prices outweigh astrologers' forecasts
“We will not sell our interests in businesses (stocks) when they are attractively priced just because some astrologer thinks the quotations may go lower even though such forecasts are obviously going to be right some of the time.”
No one trades a private business on market guesses
“Who would think of buying or selling a private business because of someone's guess on the stock market?”
Market silliness is an opportunity, not a guide
“If [the stock market] gets silly enough in either direction, you take advantage of it. [The stock market's] availability should never be turned into a liability whereby its periodic aberrations in turn formulate your judgments.”