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I look for companies that are hated and misunderstood. That is where the biggest discounts are.
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The time to buy is when there is blood in the streets. Even if it is your own blood.
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I made a lot of money for a long time and then I gave a lot of it back. That is the story of concentrated investing.
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The secret to investing is to figure out the value of something and then pay a lot less.
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If you cannot stomach a 50 percent decline in your investment you should not be in equities.