Alston C A P I T A L |
"Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation (which is neither illegal, immoral nor - in our view - financially fattening)." -- Warren E. Buffet |
For more information about Alston Capital Management LLC, the Alston Value Fund LLC, or the Alston Long-Term Opportunities Fund LLC, please contact: information@alstoncap.com |
DISCIPLINED VALUE INVESTING |
"Common-Stock investment as a whole presents a psychological hazard, because stock buyers are subject to human weakness and are prone to talk like investors and to act like speculators. But assuming that the common-stock investor can hold himself rigidly to a true investment pattern - which means that he will stick to high-grade stocks bought at reasonable prices - then the experience of the past fifty years supports the view that he will fare appreciably better than the bond investor." -- Benjamin Graham (1949) |
"The genuine investor in common stocks does not need a great equipment of brains and knowledge, but he does need some unusual qualities of character." -- Benjamin Graham |
"Maybe people get a little depressed sometimes and don't want to pay a lot for stuff. Maybe people get excited sometimes and are willing to pay a lot. So maybe people simply justify high prices by making high estimates for future earnings when they are happy and justify low prices by making low estimates when they are sad." -- Joel Greenblatt |