📖 Lecciones de la inversión en valor

“Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.”

💡 The core philosophy that preserving principal comes before chasing returns

“The stock market is a device for transferring money from the impatient to the patient.”

💡 Only long-term investors, not short-term speculators, win in the market

“Price is what you pay. Value is what you get.”

💡 Distinguishing price from value is the starting point of value investing

“Be fearful when others are greedy, and greedy when others are fearful.”

💡 The essence of contrarian investing: act against the crowd's emotions

“Our favorite holding period is forever.”

💡 An ultra-long-term philosophy: there's no reason to sell a great company

“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

💡 The shift from mentor Graham's 'cheap stock' strategy to a 'great company' strategy (1989)

“Time is the friend of the wonderful business, the enemy of the mediocre.”

💡 A good business grows stronger as time passes

“Never invest in a business you cannot understand.”

💡 Invest only within your circle of competence

“The best investment you can make is in yourself.”

💡 Investment in your knowledge and skills can never be taken away

“Someone's sitting in the shade today because someone planted a tree a long time ago.”

💡 A metaphor for the power of compounding and the fruits of long-term investing

“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”

💡 From a lecture at Yale University (2008)

“Wide diversification is only required when investors do not understand what they are doing.”

💡 Concentrating on a few you understand beats diversifying across many you don't