“At best, news is the tardy recognition of forces that have already been at work for some time and is startling only to those unaware of the trend”
“The public, as a whole, buys at the wrong time and sells at the wrong time”
“A leader does not control his country’s economy, but the economy mightily controls his image”
“In the market, the fear of losing one’s fortune is every bit as intense as the fear of losing one’s life from an attack by a wild animal”
“The stock market is inherently misleading. Doing what everybody else is doing can often be wrong”
“I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I have never forgotten that”
“It is essential to wait for trades with a good risk/reward ratio. Patience is a virtue for a trader”
“While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster”
“The worst enemy to any stock traders and investors are Greed, Fear and unfounded Hope”
“The problem with experts is that they do not know what they do not know”
“The best profits in the stock market are made by people, who get long or short at extremes and stay for months or years before they take their profits”
“But it’s your job to know!” they say – to which I always reply, “No, it’s my job to tell people that nobody really knows”
“What the wise man does in the beginning, the fool does in the end”
“The three most harmful addictions are heroin, carbohydrates and a monthly salary”
“A lagging indicator is something that tells you what is going to happen after it already happened”
“Money is made by sitting, not trading”
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong”
“In other words, don’t worry about missing an opportunity today, because there will be another one tomorrow, next week and next month… I promise”
“The mistake is not being wrong. The mistake is staying wrong”
“Volatility is not the same thing as risk, and anyone who thinks it is will cost themselves money”
“Given enough time, very low probability events not only can happen, but they absolutely will happen”
“The way to make money is to buy when blood is running in the streets”
“Nobody can catch all the fluctuations”
“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria”
“A mistake is when you don’t follow your rules. If you don’t have rules in trading, everything you do is a mistake”
“The grim reaper, who kills off “your equity” and disappears with your profits, is not the mysterious and ubiquitous “they”, but a simple misguided “you”
“I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell”
“Men who can both be right and sit tight are uncommon”
