Warren Buffett on "The Key of Investing"

Warren Buffett had this to say in a 1999 Fortune article that was written as the tech bubble was coming to an end:"The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors."In the article, Buffett also points out that many of the most"glamorous" businesses...

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Benjamin Graham: Timing vs Pricing Stocks

"By timing we mean the endeavor to anticipate the action of the stock market—to buy or hold when the future course is deemed to be upward, to sell or refrain from buying when the course is downward. By pricing we mean the endeavor to buy stocks when they are quoted below their fair value and to sell them when they rise above such value. A less ambitious form of pricing is the simple effort to make sure that when you buy you do not pay too much for your stocks. This may suffice for the defensive investor, whose emphasis is on long-pull holding;...

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