Confusing!

The disadvantages of ignorance, of human greed, of mob psychology, of trading costs, of weighting of the dice by insiders and manipulators, will in the aggregate far overbalance the purely theoretical superiority of speculation in that it offers profit possibilities in return for the assumption of risk.

- Benjamin Graham

Buying in a overheated market

Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.

- Warren Buffett

Is that the value of stock?

To suppose that the value of a common stock is determined purely by a corporation's earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defense of Joseph Stalin and believed Orson Wells when he told them over the radio that the Martians had landed.

- Jim Grant

Attractive opportunities

Attractive opportunities come from observing human behavior. In 1998, people behaved like frightened cavemen. People make their own opportunities. They will be frozen by fear, excited by greed and it doesn’t matter what their IQ, degrees etc is.

- Warren Buffett

In the past decade as well as in the current and future decades....

You would be amazed how compliant auditors have been in the past decade, not only cooperating but suggesting techniques for making numbers less useful - less truthful - to investors.

- Warren Buffett

Stock speculation

Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.

- Benjamin Graham

The sequence of greed fear or folly

The fact that people will be full of greed, fear or folly is predictable. The sequence is not predictable.

- Warren Buffett