Price is what you pay. Value is what you get.
Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.
Behind every stock is a company. Find out what it's doing.
The key is not to find good assets, but to find good assets at prices below their intrinsic value.
Markets can stay irrational longer than you can stay solvent. But eventually, earnings drive stock prices. Always.
The best investment analysis is the one where you do the work nobody else bothers to do. Read the footnotes. Call the competitors. Model the assumptions yourself.
The best companies to own are the ones building durable advantages. Not the ones with the hottest story this quarter.
If you can't explain what a company does, how it makes money, and why it will keep growing in three sentences, you shouldn't own it.
Investing without reading financial statements is like driving with your eyes closed. You might get lucky, but you probably won't.
Don't trust narratives. Trust financial statements. The numbers don't lie — people do.
My father built 5,000 apartments in Queens for working families. I build luxury apartments in Jersey City. The product changed but the principle did not — people always need somewhere to live.
My mother sold houses in Washington DC. She taught me that every piece of property has a story and a price. If you understand both, you can make money in any market.
Our stock went from $30 to $400 to $50. That is a hell of a ride. But the business processes 150 billion API calls a year and the revenue is $4 billion. The stock price is a story. The business is real.
Return on invested capital is the single most important metric in investing. Everything else is noise.
Cement is not exciting. But everything — every house, every road, every hospital — starts with cement.
I don't invest in trends. I invest in assets that will exist in 50 years.
The best investments are where fundamentals are improving but sentiment is terrible. That gap is where all the money is made.
Lone Pine taught me that the best investments come from knowing a business better than anyone else. That takes time.
Cash flow is not sexy. It's not a viral tweet. It's just money showing up in your account every month. That's real wealth.
Oil prices are ultimately determined by geology and thermodynamics, not by what traders think on any given Tuesday.
The best trades are the ones where the fundamentals and the technicals are both screaming the same thing.
We buy assets. We don’t buy stories. If the asset is worth more than the price, we don’t need a narrative.
The customer does not care about your stock price. The customer cares about whether the tomatoes are fresh.
Food is the most fundamental business on Earth. Everyone eats every day. That is not a trend. That is a fact of human existence.
We were not contrarians for its own sake. We were contrarians because the numbers said so.
Corporate America has repeatedly demonstrated an ability to adapt and grow earnings even in difficult environments.
Investors who confuse short-term market movements with long-term fundamental risk make very expensive mistakes.
A rising trend in corporate earnings is the most powerful engine behind a sustained bull market.
Autodesk was not a sexy story. But it was a real story. Every year, real revenue, real profit.
Cash is king. At the end of the day, what matters is the cash that flows into and out of the business. Everything else can be managed on paper.
Somehow, we have come to equate profitability with a lack of ambition.
If your earnings grow, your stock price will grow. You can manipulate the stock price without earnings, but it will not last.
A business has to be sustainable whether you fundraise or not. But what is most important is that there is real economic value created by these tech platforms.
If fundamental investing does not come to this industry, it just means that we failed.
All assets eventually follow the laws of gravity. The only thing that matters to investors at the end of the day, and this has been true for millennia, is cash flow.