David Dreman Quotes
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Favored stocks underperform the market, while out-of-favor companies outperform the market, but the reappraisal often happens slowly, even glacially.
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We invest in undervalued companies that exhibit strong fundamentals, above-market dividend yields and historic earnings growth, which our analysis indicates will persist. Our strategy is to own strong, fundamentally sound companies and to avoid speculative stocks or potential bankruptcies.
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Investors repeatedly jump ship on a good strategy just because it hasn't worked so well lately, and, almost invariably, abandon it at precisely the wrong time.
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Patience is a crucial but rare investment commodity.
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Psychology is probably the most important factor in the market - and one that is least understood.
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Experience teaches us that when "everyone" comes to the same conclusion, that conclusion is just about always wrong.
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I paraphrase Lord Rothschild: ‘The time to buy is when there's blood on the streets.'
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History constantly reminds us that in an uncertain world there is no visibility of prospects. Future earnings cannot be predicted with accuracy.
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A realistic definition of risk recognizes the potential loss of capital through inflation and taxes, and would include at least the following two factors: The probability that the investment you chose will preserve your capital over the time you intend to invest your funds. The probability the investments you select will outperform alternative investments for this period.
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If you have good stocks and you really know them, you'll make money if you're patient over three years or more.