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© 2012 Boyar's Intrinsic Value Research LLC . All rights reserved. |
Recent Quarterly Letters |
It never feels like you own enough stock when they are
shooting higher. The trick, as always, is remembering how much one
wished for a bruising pullback once such a pullback is happening,
and to have a plan to take advantage in the event."
- Michael Santoli, Barron's
"An argument is made that there are just too many question marks about
the future; wouldn't it be better to wait until things clear up a bit? You
know the prose: 'Maintain buying reserves until current uncertainties are
resolved,' etc. Before reaching for that crutch, face up to two unpleasant facts:
The future is never clear; you pay a very high price for a cherry consensus.
Uncertainty actually is the friend of the buyer of long-term values."
- Warren Buffet
"The most common path for the economy after a severe
contraction has been a huge rebound in economic activity. Employers usually slashed their payrolls and output so sharply to protect themselves, and consumers postponed so many major purchases during the worst of the downturn that the return to growth came with a fierce expansion."
contraction has been a huge rebound in economic activity. Employers usually slashed their payrolls and output so sharply to protect themselves, and consumers postponed so many major purchases during the worst of the downturn that the return to growth came with a fierce expansion."
- The Wall Street Journal, August 18, 2009
Past Quartely Letters |
