Notable and Quotable

Overvaluation implies that given the current security price, the stream of future cash flows delivered by that security is likely to result in an unsatisfactory long term investment return.
- John P. Hussman (Google, iPods and George Foreman Grills)

Sell in May and Go Away.
- Anonymous

Intrinsic business value is derived by estimating the future free cash flows available to
owners and discounting those by a number that compensates for the fact that money in the future is worth less than money today, and for the estimation error that accompanies the difficult task of making reasonable estimates of future free cash flows.
- Bill Miller (Bill Miller’s Commentary - First Quarter 2005)

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
- Warren Buffett

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
- Warren Buffett

The secret to success is to know something nobody else knows.
- Aristotle Onassis

Under the right circumstances, groups are remarkably intelligent, and are often smarter than the smartest people in them.
- James Surowiecki (The Wisdom of Crowds)

A bull market can be thought of as a bucking bronco, trying its darndest to throw us off its back on the way to the other side of the rodeo ring.
- Mark Hulbert (The stock market as bucking bronco - cbsmarketwatch.com, 05/19/2006)