I make no attempt to forecast the general market — my efforts are devoted to finding undervalued securities. However, I do believe that widespread pu… - Warren Buffett

The sad fact is that most major acquisitions display an egregious imbalance: They are a bonanza for the shareholders of the acquiree; they increase the income and status of the acquirer's management; and they are a honey pot for the investment bankers and other professionals on both sides. But, alas, they usually reduce the wealth of the acquirer's shareholders, often to a substantial extent. That happens because the acquirer typically gives up more intrinsic value than it receives. Do that enough, says John Medlin, the retired head of Wachovia Corp., and "you are running a chain letter in reverse." ... The acquisition problem is often compounded by a biological bias: Many CEOs attain their position in part because they possess an abundance of animal spirits and ego.

I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful

The best thing that happens to us is when a great company gets into temporary trouble... We want to buy them when they're on the operating table.