Christopher Browne Quotes
105 Christopher Browne Quotes
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In more than 35 years in the investment business, I have yet to find a short-term timing strategy that works. All nature of pundits have come and gone over the years. For a short time, any of them may be right, and may make one or two amazingly accurate predictions. Eventually, all of them lose the interest of the public when the predictions prove inaccurate.
Christopher Browne
I simply do not believe that there is a way to accurately and consistently time short-term market movements, and again, the research of scholars seems to bear me out.
Christopher Browne
Long-term, value investing is like flying from New York to Los Angeles. While you may encounter some air turbulence over Kansas, if your plane is in good shape, there is no reason to bail out. You will eventually reach your destination safely, and probably even on time. The same goes for investing.
Christopher Browne
Predicting short-term stock market direction… is a fool’s game and a disservice to the investing public.
Christopher Browne
All manner of studies have proven, in many ways, under many scenarios, that the majority of investors buy high and sell low.
Christopher Browne
Peter Lynch, the legendary and highly successful manager of the Fidelity Magellan Fund for many years, once remarked that he calculated that more than half of the investors in his fund lost money. This happened because money would pour in after a couple of good quarters and exit after a couple of not so good quarters.
Christopher Browne
Prices will fluctuate both up and down. What is most important is that you own the right stocks when the market does go higher.
Christopher Browne
A lot of what you do in investing is just simple common sense.
Christopher Browne
There isn’t enough time to read 4,000 research reports in a given year.
Christopher Browne
If value investing is so smart, if it has been proven to be so successful, why do so few money managers or investors adhere to its principles? The answer is not intelligence. It is temperament.
Christopher Browne
A herd instinct dominates the money management industry.
Christopher Browne
Value investing requires the ability to go against the herd – and to risk being called a dummy from time to time.
Christopher Browne
Value investing… requires the mettle to buy those stocks that the majority of investors don’t want to own. They have warts. They are out of favor. Of course, they are. Why else would they be cheap?
Christopher Browne
I don’t know a single poor value manager who has been in the business more than 10 years.
Christopher Browne
Value investing requires more effort than brains, and a lot of patience. It is more grunt work than rocket science. But over time, investors should continue to be rewarded for buying stocks on the cheap.
Christopher Browne
The ability to learn new ways to look at value allows you to make some profitable investments that you might well have overlooked had you not adapted with the times.
Christopher Browne
I believe it was Warren Buffett who made the statement that growth and value are joined at the hip. The difference between growth and value was mostly a question of price.
Christopher Browne
The basic idea of buying stocks for less than they are worth and selling them as they approach their true worth is at the heart of value investing.
Christopher Browne
On balance, value investing is easier than other forms of investing. It is not necessary to spend eight hours a day glued to a screen trading frenetically in and out of stocks.
Christopher Browne
By paying attention to the basic principle of buying below intrinsic value with a margin of safety and exercising patience, investors will find that the value approach continues to offer investors the best way to beat the stock market indexes and increase wealth over time.
Christopher Browne
Patience is sometimes the hardest part of using the value approach. When I find a stock that sells for 50 percent of what I have determined it is worth, my job is basically done. Now it is up to the stock. It may move up toward its real worth today, next week, or next year. It may trade sideways for five years and then quadruple in price. There is simply no way to know when a particular stock will appreciate…
Christopher Browne
I have no faith in my ability, or in the ability of most others, to predict the direction of stock prices over the short term.
Christopher Browne
I do not believe that many people can detect which technology stock will be the next Microsoft or which ones will bomb.
Christopher Browne
Value is how I make my living.
Christopher Browne
Value investing works.
Christopher Browne
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