“Charlie Munger liked to remind us that, in the long run, it’s the economics of the business that determine the investor’s results. But people often get distracted by whatever mood Mr. Market is in each day. Those quick swings may look like real returns, but they’re just temporary applause — and they tend to disappear the moment the bubble stops being a bubble.” – Warren Buffett
“As Mr. Munger frequently reminded us, it is the underlying earning power of a business that ultimately governs the investor’s results. Yet we are too easily distracted by the quotations that Mr. Market presents from day to day. These fluctuations may give the appearance of genuine returns, but they are merely temporary reflections of sentiment — liable to vanish the moment speculation gives way to reality.” – Benjamin Graham
INSERT_STEADY_NEWSLETTER_SIGNUP_HERE“Charlie Munger liked to point out that an investor’s results come from the business itself. I’ve always found that to be true. The market can toss all kinds of prices at you every day, and it’s easy to get caught up in them. But those quick gains don’t mean much. They can disappear just as fast, especially when a bubble finally breaks. What matters is buying good, solid businesses at sensible prices and letting time work for you.” – Walter J. Schloss
“Charlie Munger often pointed out that an investor’s success comes from the results of the business itself. I’ve always believed that. Still, it’s easy to get distracted by the prices Mr. Market throws at us every day. Those moves can look like real returns, but they’re usually temporary and can disappear quickly when a bubble bursts. That’s why it’s better to focus on buying decent companies at reasonable prices and not worry too much about the market’s daily noise.” – Walter J. Schloss
