Quotes About Evaluation

seriously evaluating my gifts and talents—an important step when choosing a career.

My years inside the Skunk Works, for example, convinced me of the tremendous value of building prototypes. I am a true believer. The beauty of a prototype is that it can be evaluated and its uses clarified before costly investments for large numbers are made.

One has the sense of her deciding roughly at Page 2 whether or not a book is worthy; reading the rest of it to gather evidence for her case; spending some quality time with the Thesaurus; and then taking a large blunt hammer and pounding the message home.

An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.

Bond selection is primarily a negative art. It is a process of exclusion and rejection, rather than of search and acceptance.

Many skeptics, it is true, are inclined to dismiss the whole procedure [chart reading] as akin to astrology or necromancy; but the sheer weight of its importance in Wall Street requires that its pretensions be examined with some degree of care.

Security analysis cannot presume to lay down general rules as to the proper value of any given common stock... The prices of common stocks are not carefully thought out computations, but the resultants of a welter of human reactions.

Dividend Record. One of the most persuasive tests of high quality is an uninterrupted record of dividend payments going back over many years. We think that a record of continuous dividend payments for the last 20 years or more is an important plus factor in the company's quality rating. Indeed the defensive investor might be justified in limiting his purchases to those meeting this test.

We must recognize, however, that intrinsic value is an elusive concept.

So first find a low-cost fund whose managers are major shareholders, dare to be different, don't hype their returns, and have shown a willingness to shut down before they get too big for their britches. Then, and only then, consult their Morningstar rating.10

You should always remember, in the words of psychologist Paul Slovic, that risk is brewed from an equal dose of two ingredients - probabilities and consequences. Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

Objective tests of managerial ability are few and far from scientific. In most cases the investor must rely upon a reputation which may or may not be deserved.

Analysis is concerned primarily with values which are supported by the facts and not with those which depend largely upon expectations.

The analyst's conclusions must always rest upon the figures and upon established tests and standards.

Be sure to compare the footnotes with those in the financial statements of at least one firm that's a close competitor, to see how aggressive your company's accountants are.

you will be wiser to form your own ideas of the value of your holdings, based on full reports from the company about its operations and financial position.

An investment operation is one that can be justified on both qualitative and quantitative grounds.

Do not enter upon an operation—

What else should you watch for? Most fund buyers look at past performance first, then at the manager's reputation, then at the riskiness of the fund, and finally (if ever) at the fund's expenses. The intelligent investor looks at those same things—but in the opposite order.

1970 1969 Share earningsa $5.20 $5.58

A criterion based on adjectives is always ambiguous.

The work of a financial analyst falls somewhere in the middle between that of a mathematician and of an orator.

defining what is important solely by what can be measured is a bad idea - like looking for lost keys not down a dark sidewalk where they were lost, but across the street under the lamppost where the light is better.

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