April 16, 2015
Price is what you pay. Value is what you get (Ben Graham).
Time is the enemy of the poor business and the friend of the great business. If you have a business that's earning 20%-25% on equity, time is your friend. But time is your enemy if your money is in a low return business.
We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.
We're more comfortable in that kind of business. It means we miss a lot of very big winners. But we wouldn't know how to pick them out anyway. It also means we have very few big losers - and that's quite helpful over time. We're perfectly willing to trade away a big payoff for a certain payoff.
If you're an investor, you're looking on what the asset is going to do, if you're a speculator, you're commonly focusing on what the price of the object is going to do, and that's not our game
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.
|Contact Person :||Mr. Edward Li|
|Tel :||+86 188 111 591 71|