John Train

“The big money is not in the buying and selling, but in the waiting.”

“Concentration in great companies is less risky than diversification into mediocrity”

“The best investors think like business owners, not stock traders”

“Great companies grow into their valuations.”

“Time is the ally of superior businesses.”

“Buying outstanding businesses eliminates the need for constant decisions.”

“Investing success comes from a few great decisions, not many average ones.”

“Activity is the enemy of returns”

“Patience is not passive — it is disciplined.”

“Styles change; principles endure”

“The investor’s edge is not forecasting, but endurance”

“Most investors fail not from ignorance, but from impatience.”

“A portfolio should reflect conviction.”

“Few holdings, well understood, outperform many held lightly.”

“The best action is often inaction”