08/05/15: Words of wisdom from two old pros

Quotes to invest by...

With interest rates at an all time low, many cash investors are now, somewhat reluctantly, being forced to consider alternatives. But with this comes some danger and discomfort.

At 81 and 94, Warren Buffett and Charlie Munger have earned the market's respect through performance, but they've also earned the appreciation of the broader investment community through their willingness to share what they've learned and how they've been so successful.

So it seems timely to revisit some of their more famous quotes and advice...

Warren Buffett:

“Time is the enemy of the poor business and the friend of the great business.”

"Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years."

“I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.”

“Price is what you pay; value is what you get.”

Charlie Munger:

“When any guy offers you a chance to earn lots of money without risk, don't listen to the rest of his sentence. Follow this, and you'll save yourself a lot of misery.”

“People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There's always been a market for people who pretend to know the future. Listening to today's forecasters is just as crazy as when the king hired the guy to look at the sheep guts.”

I'm not sure that I entirely agree with Charlie's last point, but I'm happy to give him due deference.

Rick Maggi Westmount Financial Clear Focus. Better Solutions.