Warren Buffett says
“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful”
“No business can continue to shrink. That can only go on for so long before irrelevancy sets in.”
“We trade real estate for technology (which gets cheaper and more capable every year).”
“Why focus on cash flows? Because a share of stock is a share of a company’s future cash flows, and, as a result, cash flows more than any other single variable seem to do the best job of explaining a company’s stock price over the long term.”
“Warren talks about these discounted cash flows. I’ve never seen him do one.”
“It takes character to sit with all that cash and to do nothing. I didn't get top where I am by going after mediocre opportunities.”