“An irresistible footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities — at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.”

— Warren Buffett

1978 Chairman's Letter http://www.berkshirehathaway.com/letters/1978.html <br class="br">Letters to Shareholders (1957 - 2012)

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Warren Buffett146

American business magnate, investor, and philanthropist 1930

William J. Bernstein (1948) economist

Source: The Four Pillars of Investing (2002), Chapter 8, Behavioral Therapy, p. 187.

“But now for the final exam: If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. In effect, they rejoice because prices have risen for the "hamburgers" they will soon be buying. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

1997 Chairman's Letter
Letters to Shareholders (1957 - 2012)

“Mutual funds are an overrated investment heavily promoted by Wall Street.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

“If you think mutual funds aren’t a flagrant enough example of conflict of interest, try hedge funds.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

“But to hear Kennedy when he was grandstanding in front of the McClellan Committee you might have thought I was making as much out of the pension fund as the Kennedys made out of selling whiskey.”

Jimmy Hoffa (1913–1982) American labor leader

Source: Hoffa The Real Story (1975), Chapter 7, Gangsters and the "Irish Mafia", p. 121

“I couldn't think or eat nothin' unless it was Hank Williams, and I couldn't wait for his next record to come out. He had to be, really, the greatest.”

George Jones (1931–2013) American musician, singer and songwriter

Socialist Unity - Debate & analysis for activists & trade unionists http://socialistunity.com/george-jones-the-passing-of-ole-possum/

“If you invested in a very low cost index fund — where you don’t put the money in at one time, but average in over 10 years — you’ll do better than 90% of people who start investing at the same time.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

Berkshire Hathaway Annual Meeting (2004), as quoted at The Buffett http://www.thebuffett.com/quotes.html

“Full service brokers, in this day and age of low cost mutual funds and discount brokers, are really nothing more than machines for ripping off retail investors.”

Joel Spolsky (1965) American blogger

"Wall Street Survival 101" http://www.joelonsoftware.com/articles/WallSt101.html

“Never invest in a company with the target price for the stock in the name of the company.”

Andy Kessler (1958) American writer

Part V, The Next Barrier, Fleece Bank Internet Conference 1999, p. 177.
Running Money (2004) First Edition
Context: I've been doing this for years. Never invest in a company with the target price for the stock in the name of the company.

“Firms that have a high BE/ME (a low stock price relative to book value) tend to have low earnings on assets. Conversely, low BE/ME (a high stock price relative to book value) is associated with persistently high earnings.”

Eugene Fama (1939) American economist and Nobel laureate in Economics

Source: Common risk factors in the returns on stocks and bonds, 1993, p. 8

“An irresistible footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities — at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.”

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