Share Value Quotes

The basic story remains simple and never-ending. Stocks aren't lottery tickets. There's a company attached to every share.

Percentage margins are not one of the things we are seeking to optimize. It’s the absolute dollar free cash flow per share that you want to maximize, and if you can do that by lowering margins, we would do that. So if you could take the free cash flow, that’s something that investors can spend. Investors can’t spend percentage margins.

Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.

What makes stocks valuable in the long run isn't the market. It's the profitability of the shares in the companies you own. As corporate profits increase, corporations become more valuable and sooner or later, their shares will sell for a higher price.

The relative illiquidity of small-company shares - which often contributes to their being undervalued - also increases their volatility.

If I ever took a business public, I wouldn't want to take the shares off the table. I don't want people thinking I'm doing it just to make money and then going to run for the hills. I think that's a very important distinction.

But the minute we went public on the stock market, which is how our wealth was created, it was no longer how many people you employed, it was how much you were worth and how much your company was worth.

My wealth is reflected in the price of Severstal, and the number of shares I have in my possession doesn't have any impact on the company.