My Quotes



“The brick walls are there for a reason. The brick walls are not there to keep us out; the brick walls are there to give us a chance to show how badly we want something.”
~Randy Pausch


“Good is the enemy of great”
~Jim Collins


“However beautiful the strategy, you should occasionally look at the results”
~Winston Churchill


“The tricks and artifices of advertising are available to the seller of the better product no less than to the seller of the poorer product. But only the former enjoys the advantage derived from the better quality of his product.”
~Ludwig von Mises


“True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.”
~Ludwig von Mises


“The market is a democracy in which every penny gives a right to vote.”
~Ludwig von Mises


“Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.”
~Lao Tzu


“If you were smart in 1807 you moved to London, if you were smart in 1907 you moved to New York City, and if you are smart in 2007 you move to Asia.”
~Jim Rogers


“Be fearful when others are greedy. Be greedy when others are fearful.”
~Warren Buffett


“Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.”
~Warren Buffett


“Wall Street is the only place that people ride to work in a Rolls Royce to get advice from those who take the subway.”
~Warren Buffett


“Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
~Ronald Reagan


“Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.”
~Frederic Bastiat


“The only way a government can be of service to national prosperity is by keeping its hands off.”
~Ayn Rand


“Inflation is taxation without legislation.”
~Milton Friedman


“If you put the government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.”
~Milton Friedman


“It is evident that youth is the first victim of the trend toward bureaucratization. The young men are deprived of any opportunity to shape their own fate.”
~Ludwig von Mises


“The intelligent investor is likely to need considerable will power to keep from following the crowd.”
~Benjamin Graham


“In order to succeed in business a man does not need a degree from a school of business administration. These schools train the subalterns for routine jobs. They certainly do not train entrepreneurs.”
~Ludwig von Mises


“Life is like a snowball. The important thing is finding wet snow and a really long hill.”
~Warren Buffett


“Luck is what happens when preparation meets opportunity.”
~Seneca


“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.”
~Jim Rohn


“The only place where success comes before work is in the dictionary.”
~Vidal Sassoon


“Opportunity is missed by most because it is dressed in overalls and looks like work.”
~Thomas Edison


“You will never get anywhere if you do not do your homework.”
~Jim Rogers


“I believe that banking institutions are more dangerous to our liberties than standing armies.”
~Thomas Jefferson


“I cannot live without books”
~Thomas Jefferson


“It is easy to be conspicuously 'compassionate' if others are being forced to pay the cost.”
~Murray Rothbard


“I have not failed. I've just found 10,000 ways that won't work.”
~Thomas Edison


“The way to get rich is to put your eggs in one basket and to make sure you have the right basket.”
~Jim Rogers


“For every disciplined effort there is a multiple reward.”
~Jim Rohn


“Don't wish it were easier, wish you were better.”
~Jim Rohn


“Formal education will make you a living, self-education will make you a fortune.”
~Jim Rohn


“Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else's hands, but not you.”
~Jim Rohn


“You don't get paid for the hour. You get paid for the value you bring to the hour.”
~Jim Rohn


“The book you don't read won't help.”
~Jim Rohn


“The few who do are the envy of the many who only watch.”
~Jim Rohn


“The more you know the less you need to say.”
~Jim Rohn


“We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.”
~Jim Rohn


“What is powerful is when what you say is just the tip of the iceberg of what you know.”
~Jim Rohn


“Profits are better than wages.”
~Jim Rohn


“Don't wish it were easier; wish you were better. Don't wish for less problems; wish for more skills. Don't wish for less challenges; wish for more wisdom.”
~Jim Rohn


“You must maintain unwavering faith that you can and will prevail in the end, regardless of the difficulties, AND at the same time, have the discipline to confront the most brutal facts of your current reality, whatever they might be.”
~Jim Collins


“The purpose of bureaucracy is to compensate for incompetence and lack of discipline.”
~Jim Collins


“The most powerful force in the universe is compound interest.”
~Albert Einstein


“If the investor is uneducated, anything he or she invests in will be risky. So it’s not the investment that is risky. It’s the investor.”
~Robert Kiyosaki


“If you want to go somewhere, it is best to find someone who has already been there.”
~Robert Kiyosaki


“In school we learn that mistakes are bad, and we are punished for making them. Yet, if you look at the way humans are designed to learn, we learn by making mistakes. We learn to walk by falling down. If we never fell down, we would never walk.”
~Robert Kiyosaki


“Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.”
~Robert Kiyosaki


“The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left.”
~Robert Kiyosaki


“It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.”
~Henry Ford


“It isn't the head but the stomach that determines the fate of the stockpicker.”
~Peter Lynch


“Bargains are the holy grail of the true stockpicker. The fact that 10 to 30 percent of our net worth is lost in a market sell-off is of little consequence. We see the latest correction not as a disaster but as an opportunity to acquire more shares at low prices. This is how great fortunes are made over time.”
~Peter Lynch


“The best stock to buy may be the one you already own”
~Peter Lynch


“The Rule of 72 is useful in determining how fast money will grow. Take the annual return from any investment, expressed as a percentage, and divide it into 72. The result is the number of years it will take to double your money.”
~Peter Lynch


“Don't do equations with Greek letters in them.”
~Warren Buffett


“You are like this tea cup, so full that nothing more can be added. You come and ask for teaching, but your cup is full; I can't put anything in. Before I can teach you, you'll have to empty your cup. Come back to me with an empty mind.”
~Nan-in


“Empty your cup so that it may be filled”
~Bruce Lee


“No man will make a great leader who wants to do it all himself or get all the credit for doing it.”
~Andrew Carnegie


“There is little success where there is little laughter.”
~Andrew Carnegie


“Concentrate your energies, your thoughts and your capital. The wise man puts all his eggs in one basket and watches the basket.”
~Andrew Carnegie


“Success is not to be pursued; it is to be attracted by the person you become.”
~Jim Rohn


“Pity the man who inherits a million dollars and who isn’t a millionaire. Here’s what would be pitiful: If your income grew and you didn’t.”
~Jim Rohn


“The most important question to ask on your job is not “What am I getting” The most important question to ask is “What am I becoming?”.”
~Jim Collins


“Learn how to be happy with what you have while you pursue all that you want.”
~Jim Rohn


“Learn how to say no. Don’t let your mouth overload your back.”
~Jim Rohn


“Time is our most valuable asset, yet we tend to waste it, kill it, and spend it, rather than invest it.”
~Jim Rohn


“Days are expensive. When you spend a day, you have one less day to spend. So make sure you spend each one wisely.”
~Jim Rohn


“Learn to express, not impress.”
~Jim Rohn


“It isn't what the book costs; it's what it will cost if you don't read it.”
~Jim Rohn


“There is more treasure in books than in all the pirates’ loot on Treasure Island and at the bottom of the Spanish Main… and best of all, you can enjoy these riches every day of your life.”
~Walt Disney


“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young.”
~Henry Ford


“He who knows best knows how little he knows.”
~Thomas Jefferson


“Whenever you do a thing, act as if all the world were watching.”
~Thomas Jefferson


“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.”
~Thomas Jefferson


“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
~Warren Buffett


“With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock.”
~Warren Buffett


“Never ask the barber if you need a haircut.”
~Warren Buffett


“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
~Warren Buffett


“If it’s a good idea, go ahead and do it. It is much easier to apologize than it is to get permission.”
~Admiral Grace Hopper


“Don’t wait. The time will never be just right.”
~Napoleon Hill


“The system of book-keeping by double entry is among the finest inventions of the human mind”
~J.W. von Goethe


“Whether you prevail or fail, endure or die, depends more on what you do yourself than on what the world does to you.”
~Jim Collins


“Economics is not about things and tangible material objects; it is about men, their meanings and actions.”
~Ludwig von Mises


“There is nothing more practical than a good theory”
~Jesús Huerta de Soto


“No architect is held responsible for the behavior of those who inhabit the structure he designed.”
~Ludwig von Mises


“If you believe yourself unfortunate, because you have "loved and lost," perish the thought. One who has loved truly, can never lose entirely.”
~Napoleon Hill


“Every failure brings with it the seed of an equivalent advantage.”
~Napoleon Hill


“Tell the world what you intend to do, but first show it.”
~Napoleon Hill


“It is one thing to want money—everyone wants more—but it is something entirely different to be worth more!”
~Napoleon Hill


“A quitter never wins—and—a winner never quits.”
~Napoleon Hill


“The person who stops studying merely because he has finished school is forever hopelessly doomed to mediocrity.”
~Napoleon Hill


“The luxury of today is the necessity of tomorrow. Every advance first comes into being as the luxury of a few rich people, only to become, after a time, the indispensable necessity taken for granted by everyone. Luxury consumption provides industry with the stimulus to discover and introduce new, things.”
~Ludwig von Mises


“All first draft presentations are too long and should be cut. Second, third, and forth drafts should be cut further.”
~Bill Lane


“Those who satisfy the wants of a smaller number of people only collect fewer votes—dollars—than those who satisfy the wants of more people.”
~Ludwig von Mises


“Most people's lives are a direct reflection of the expectations of their peer group”
~Tony Robbins


“The number one key to success in life is to master your own state. If you can manage and master your states, there's nothing you can't do.”
~Tony Robbins


“We are the only beings on the planet who lead such rich internal lives that it’s not the events that matter most to us, but rather, it’s how we interpret those events that will determine how we think about ourselves and how we will act in the future.”
~Tony Robbins


“It is not enough for [the investor] to know all the factors that can possibly contribute to the determination of a future event. In order to anticipate correctly they must also anticipate correctly the quantity as it were of each factor's contribution and the instant at which its contribution will become effective.”
~Ludwig von Mises


“Education cannot convey to pupils more than the knowledge of their teachers. Education rears disciples, imitators, and routinists, not pioneers of new ideas and creative geniuses.”
~Ludwig von Mises


“No matter how efficient school training may be, it would only produce stagnation, orthodoxy, and rigid pedantry if there were no uncommon men pushing forward beyond the wisdom of their tutors.”
~Ludwig von Mises


“Do not shorten the morning by getting up late, or waste it in unworthy occupations or in talk; look upon it as the quintessence of life, as to a certain extent sacred. Evening is like old age: we are languid, talkative, silly. Each day is a little life: every waking and rising a little birth, every fresh morning a little youth, every going to rest and sleep a little death.”
~Arthur Schopenhauer


“All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
~Arthur Schopenhauer


“Ten years from now you will surely arrive. The question is, where? We don’t want to kid ourselves about where; we don’t want to kid ourselves about the road we’re walking.”
~Jim Rohn


“Without health there is no happiness. An attention to health, then, should take the place of every other object.”
~Thomas Jefferson


“Men prefer a false promise to a flat refusal”
~Quintus Cicero


“Management must take the lead in making obsolete its own products and services rather than waiting for a competitor to do so.”
~Peter Drucker


“The new always looks so puny—so unpromising—next to the reality of the massive, ongoing business.”
~Peter Drucker


“We can ill afford to have activities conducted as "non-profit," that is, as activities that devour capital rather than form it, if they can be organized as activities that form capital, as activities that make a profit.”
~Peter Drucker


“The healthier a new venture and the faster it grows, the more financial feeding it requires.”
~Peter Drucker


“Profits are not made by differential cleverness, but by differential stupidity.”
~David Ricardo


“[Entrepreneurship] is by no means hunch or gamble. But it also is not precisely science. Rather, it is judgment.”
~Peter Drucker


“The Welfare State, which begun in Imperial Germany for the truly indigent and disabled, has now become "everybody's entitlement" and an increasing burden on those who produce.”
~Peter Drucker


“The dilemma of modern society: the conflict between the need for capital formation at a high rate and the popular condemnation of interest and dividends as "unearned income" and "capitalist," if not as sinful and wicked.”
~Peter Drucker


“The correct assumption is that what individuals have learned by age twenty-one will begin to become obsolete five to ten years later and will have to be replaced—or at least refurbished—by new learning, new skills, new knowledge.”
~Peter Drucker


“People always try to be perfect. That's why they don't start anything. Perfection is the lowest standard in the world. Because if you're trying to be perfect, you know you can't be. So what you really have is a standard you can never achieve. You want to be outstanding, not perfect.”
~Anthony Robbins


“Be content with what you have; rejoice in the way things are. When you realize there is nothing lacking, the whole world belongs to you.”
~Lao Tzu


“It's not the lack of resources that cause failure, it's the lack of resourcefulness that causes failure.”
~Tony Robbins


“When things go wrong on a macroeconomic level, it's almost always this way. People find someone to blame, whether it's blacks, whites, Christians, Jews, Muslims—whoever.”
~Jim Rogers


“In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.”
~Seth Klarman


“The way to expand our lives is to model the lives of those people who are already succeeding.”
~Anthony Robbins


“Some men read Playboy. I read annual reports.”
~Warren Buffett


“First we make our habits, then our habits make us.”
~Charles C. Noble


“There will be sleeping enough in the grave.”
~Benjamin Franklin


“A man becomes an entrepreneur in seizing an opportunity and filling the gap. No special education is required for such a display of keen judgment, foresight, and energy.”
~Ludwig von Mises


“The most successful businessmen were often uneducated when measured by the scholastic standards of the teaching profession. But they were equal to their social function of adjusting production to the most urgent demand. Because of these merits the consumers chose them for business leadership.”
~Ludwig von Mises


“Do not tell people how to live their lives. Just tell them stories. And they will figure out how those stories apply to them.”
~Randy Pausch


“Find the best in everybody, no matter how you have to wait for them to show it.”
~Randy Pausch


“Get a feedback loop and listen to it. When people give you feedback, cherish it and use it.”
~Randy Pausch


“We cannot change the cards we are dealt, just how we play the hand.”
~Randy Pausch


“How can we do better tomorrow than we did today?”
~Jim Collins


“Invest time in languages and intercultural awareness. Focus on becoming part of global citizenry. In exchange for the opportunity to participate everywhere/anywhere in the world you have the obligation to do something productive, which will improve the world. Develop a personal mission, a desire to leave personal legacy.”
~C.K. Prahalad


“A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.”
~Seth Klarman


“You probably would not choose to dine at a restaurant whose chef always ate elsewhere. I do eat my own cooking, and I don't "dine out" when it comes to investing.”
~Seth Klarman


“Value investing by its very nature is contrarian.”
~Seth Klarman


“The trick of successful investors is to sell when they want to, not when they have to.”
~Seth Klarman


“Most institutional investors… feel compelled… to swing at almost every pitch and forgo batting selectivity for frequency.”
~Seth Klarman


“Let food be your medicine and medicine be your food.”
~Hippocrates


“People who want to know how stocks fared on any given day ask, Where did the Dow close? I'm more interested in how many stocks went up versus how many went down. These numbers paint a more realistic picture.”
~Peter Lynch


“If we all did the things we are capable of doing, we would literally astound ourselves.”
~Thomas Edison


“The doctor of the future will give no medicine, but will interest her or his patients in the care of the human frame, in a proper diet, and in the cause and prevention of disease.”
~Thomas Edison


“Time is a created thing. To say 'I don't have time,' is like saying, 'I don't want to.”
~Lao Tzu


“Care about what other people think and you will always be their prisoner.”
~Lao Tzu


“Because one believes in oneself, one doesn't try to convince others. Because one is content with oneself, one doesn't need others' approval.”
~Lao Tzu


“Watch your thoughts; they become words. Watch your words; they become actions. Watch your actions; they become habit. Watch your habits; they become character. Watch your character; it becomes your destiny.”
~Lao Tzu


“The journey of a thousand miles begins with a single step.”
~Lao Tzu


“There should be a balance of these two, Prudence and Courage; Prudence in contemplation, Courage in execution.”
~Dickson G. Watts


“A man must think for himself, must follow his own convictions. Self-trust is the foundation of successful effort.”
~Dickson G. Watts


“Not to have the courage to accept a loss, and to be too eager to take a profit, is fatal. It is the ruin of many.”
~Dickson G. Watts


“Those who confine themselves too closely to statistics are poor guides.”
~Dickson G. Watts


“Fools try to prove that they are right. Wise men try to find when they are wrong.”
~Dickson G. Watts


“The distant is the great, the near the little. But the little-near controls man rather than the distantgreat.”
~Dickson G. Watts


“Health is equilibrium.”
~Dickson G. Watts


“The man who conforms never transforms.”
~Dickson G. Watts


“Among crazy people, a sane man is thought a lunatic.”
~Dickson G. Watts


“Nothing so impressive as simplicity.”
~Dickson G. Watts


“Better the vagaries of eccentricity than commonplace dullness.”
~Dickson G. Watts


“The man who "knows it all" has much to learn.”
~Dickson G. Watts


“To separate the essential from the non-essential is the mark of a superior mind.”
~Dickson G. Watts


“Genius consists of seeing instantly the vital point.”
~Dickson G. Watts


“Enthusiasm is a poor guide, but a good companion.”
~Dickson G. Watts


“None so blind as those who are sure they see.”
~Dickson G. Watts


“Many men have the "courage of their opinions," few the courage to abandon opinions.”
~Dickson G. Watts


“The little man demands to be understood; the great man is content to be misunderstood.”
~Dickson G. Watts


“Luck exists. But the able man acts so as to minimize bad luck and augment good luck.”
~Dickson G. Watts


“Better capital in a man's head than capital in a bank.”
~Dickson G. Watts


“Learn principles. Facts will then fall into their relations and connections.”
~Dickson G. Watts


“It is always the "unlucky man" who believes in luck.”
~Dickson G. Watts


“The more "hindsight" the better foresight.”
~Dickson G. Watts


“"A sure thing" is a dangerous thing.”
~Dickson G. Watts


“Make your theories fit your facts, not your facts your theories.”
~Dickson G. Watts


“The foolishness of the many is the opportunity of the few.”
~Dickson G. Watts


“Argument is an effort of each man to force his idea on the other; discussion is an effort to gain knowledge. The wise man declines argument, invites discussion.”
~Dickson G. Watts


“Some men are alive after they are dead; others are dead while still alive.”
~Dickson G. Watts


“When in adversity, don't speak of it; you will make others unhappy. When in prosperity, don't speak of it; you will also make others unhappy.”
~Dickson G. Watts


“Do you wish sympathy? Don't seek it.”
~Dickson G. Watts


“Never explain. Let your life be the explanation.”
~Dickson G. Watts


“Sickness develops a man inwardly, health outwardly. To have the benefits of both, man must have been sick and become well.”
~Dickson G. Watts


“When you consider the sheer magnitude of investable equities to choose from in the world’s emerging markets, you realize that finding one that looks attractive enough to warrant investing your faith and assets in is as formidable a task as finding a needle in a haystack. Fortunately, researching investment opportunities is a lot more interesting than digging for needles in haystacks.”
~Mark Mobius


“The secret to global investing is gaining an insight into the hopes and desires of the people who live and work in the countries you invest in.”
~Mark Mobius


“The effect of the people's agreeing that there must be central planning, without agreeing on the ends, will be rather as if a group of people were to commit themselves to take a journey together without agreeing where they want to go; with the result that they may all have to make a journey which most of them do not want at all.”
~Friedrich Hayek


“The more the state "plans" the more difficult planning becomes for the individual.”
~Friedrich Hayek


“There is all the difference in the world between treating people equally and attempting to make them equal. While the first is the condition of a free society, the second means as De Tocqueville describes it, a new form of servitude.”
~Friedrich Hayek


“It would clearly not be an improvement to build all houses exactly alike in order to create a perfect market for houses, and the same is true of most other fields where differences between the individual products prevent competition from ever being perfect.”
~Friedrich Hayek


“No human mind can comprehend all the knowledge which guides the actions of society.”
~Friedrich Hayek


“The mind cannot foresee its own advance.”
~Friedrich Hayek


“Perhaps the fact that we have seen millions voting themselves into complete dependence on a tyrant has made our generation understand that to choose one's government is not necessarily to secure freedom.”
~Friedrich Hayek


“All political theories assume, of course, that most individuals are very ignorant. Those who plead for liberty differ from the rest in that they include among the ignorant themselves as well as the wisest.”
~Friedrich Hayek


“It is when it is contended that "in a democracy right is what the majority makes it to be" that democracy degenerates into demagoguery.”
~Friedrich Hayek


“If democracy is a means rather than an end, its limits must be determined in the light of the purpose we want it to serve.”
~Friedrich Hayek


“The successful politician owes his power to the fact that he moves within the accepted framework of thought, that he thinks and talks conventionally. It would be almost a contradiction in terms for a politician to be a leader in the field of ideas. His task in a democracy is to find out what the opinions held by the largest number are, not to give currency to new opinions which may become the majority view in some distant future.”
~Friedrich Hayek


“If this is the degree of inflation planned for in advance, the real outcome is indeed likely to be such that most of those who will retire at the end of the century will be dependent on the charity of the younger generation. And ultimately not morals but the fact that the young supply the police and the army will decide the issue: concentration camps for the aged unable to maintain themselves are likely to be the fate of an old generation whose income is entirely dependent on coercing the young.”
~Friedrich Hayek


“I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.”
~Friedrich Hayek


“The Nobel Prize confers on an individual an authority which in economics no man ought to possess.”
~Friedrich Hayek


“The social sciences, like much of biology but unlike most fields of the physical sciences, have to deal with structures of essential complexity, i.e. with structures whose characteristic properties can be exhibited only by models made up of relatively large numbers of variables.”
~Friedrich Hayek


“I confess that I prefer true but imperfect knowledge, even if it leaves much indetermined and unpredictable, to a pretence of exact knowledge that is likely to be false.”
~Friedrich Hayek


“"Emergencies" have always been the pretext on which the safeguards of individual liberty have been eroded.”
~Friedrich Hayek


“We must shed the illusion that we can deliberately 'create the future of mankind'”
~Friedrich Hayek


“Experience is not what you've done, it's what you do with what you've done.”
~Jeffrey G. Allen


“We must shed the illusion that we can deliberately 'create the future of mankind'”
~Friedrich Hayek


“To buy when others are despondently selling and to sell when others are buying requires the greatest fortitude and pays the greatest ultimate rewards”
~Sir John Templeton


“Sometimes, when there’s too much traffic clogging up the road, you need to take a different route. But following the same path as everyone else can stall your progress in reaching your investment goals too. ”
~Mark Mobius


“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.”
~Jesse Livermore


“No man can always have adequate reasons for buying or selling stocks daily — or sufficient knowledge to make his play an intelligent play.”
~Jesse Livermore


“The desire for contant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals.”
~Jesse Livermore


“A stock operator has to fight a lot of expensive enemies within himself.”
~Jesse Livermore


“I don't know whether I make myself plain, but I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn't get you anywhere.”
~Jesse Livermore


“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.”
~Jesse Livermore


“If somebody had told me my method would not work I nevertheless would have tried it out to make sure for myself, for when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating.”
~Jesse Livermore


“Ignorance at twenty-two isn't a structural defect.”
~Jesse Livermore


“If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with plodding minds. It's the guessing that develops a man's brain power.”
~Jesse Livermore


“When a man is right he wants to get all that is coming to him for being right.”
~Jesse Livermore


“They say you never grow poor taking profits. No, you don't. But neither do you grow rich taking a four-point profit in a bull market. Where I should have made twenty thousand dollars I made two thousand. That was what conservatism did for me.”
~Jesse Livermore


“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!”
~Jesse Livermore


“A man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.”
~Jesse Livermore


“Disregarding the big swing and trying to jump in and out was fatal to me. Nobody can catch all the fluctuations. In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study general conditions and not tips or special factors affecting individual stocks.”
~Jesse Livermore


“Without faith in his own judgment no man can go very far in this game. That is about all I have learned — to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary.”
~Jesse Livermore


“If I learned all this so slowly it was because I learned by my mistakes, and some time always elapses between making a mistake and realizing it, and more time between realizing it and exactly determining it.”
~Jesse Livermore


“It isn't a hunch but the subconscious mind, which is the creative mind, at work. That is the mind which makes artists do things without their knowing how they came to do them. Perhaps with me it was the cumulative effect of a lot of little things individually insignificant but collectively powerful.”
~Jesse Livermore


“I was utterly free of speculative prejudices. The bear side doesn't appeal to me any more than the bull side, or vice versa. My one steadfast prejudice is against being wrong.”
~Jesse Livermore


“I never argue with the tape. To be angry at the market because it unexpectedly or even illogically goes against you is like getting mad at your lungs because you have pneumonia.”
~Jesse Livermore


“I have always played a lone hand. It is the way my mind works. I have to do my own seeing and my own thinking. But I can tell you that after the market began to go my way I felt for the first time in my life that I had allies — the strongest and truest in the world: underlying conditions. They were helping me with all their might.”
~Jesse Livermore


“The only thing to do when a man is wrong is to be right by ceasing to be wrong.”
~Jesse Livermore


“If a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original. The Mistake family is so large that there is always one of them around when you want to see what you can do in the fool-play line.”
~Jesse Livermore


“When you read contemporary accounts of booms or panics the one thing that strikes you most forcibly is how little either stock speculation or stock speculators today differ from yesterday. The game does not change and neither does human nature.”
~Jesse Livermore


“A market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break.”
~Jesse Livermore


“Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.”
~Jesse Livermore


“I cannot fear to be wrong because I never think I'm wrong until I am proven wrong. In fact, I am uncomfortable unless I am capitalizing my experience.”
~Jesse Livermore


“When able to attack, we must seem unable; when using our forces, we must seem inactive; when we are near, we must make the enemy believe we are far away; when far away, we must make him believe we are near.”
~Sun Tzu


“He will win who knows when to fight and when not to fight.”
~Sun Tzu


“In all fighting, the direct method may be used for joining battle, but indirect methods will be needed in order to secure victory.”
~Sun Tzu


“There are not more than five musical notes, yet the combinations of these five give rise to more melodies than can ever be heard.”
~Sun Tzu


“There are not more than five primary colors, yet in combination they produce more hues than can ever been seen.”
~Sun Tzu


“There are not more than five cardinal tastes, yet combinations of them yield more flavors than can ever be tasted.”
~Sun Tzu


“The good fighter will be terrible in his onset, and prompt in his decision.”
~Sun Tzu


“Energy may be likened to the bending of a crossbow; decision, to the releasing of a trigger.”
~Sun Tzu


“The art of war teaches us to rely not on the likelihood of the enemy's not coming, but on our own readiness to receive him; not on the chance of his not attacking, but rather on the fact that we have made our position unassailable.”
~Sun Tzu


“Tough times don't last, tough people do”
~Nassim Taleb


“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.”
~Nassim Taleb


“If you hear a "prominent" economist using the word 'equilibrium,' or 'normal distribution,' do not argue with him; just ignore him, or try to put a rat down his shirt.”
~Nassim Taleb


“People focus on role models; it is more effective to find antimodels - people you don't want to resemble when you grow up”
~Nassim Taleb


“The psychologist Gerd Gigerenzer has a simple heuristic. Never ask the doctor what you should do. Ask him what he would do if he were in your place. You would be surprised at the difference.”
~Nassim Taleb


“Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market allow you to put there.”
~Nassim Taleb


“In poor countries, officials receive explicit bribes; in D.C. they get the sophisticated, implicit, unspoken promise to work for large corporations.”
~Nassim Taleb


“Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.”
~Nassim Taleb


“If you have more than one reason to do something (choose a doctor or veterinarian, hire a gardener or an employee, marry a person, go on a trip), just don’t do it. It does not mean that one reason is better than two, just that by invoking more than one reason you are trying to convince yourself to do something. Obvious decisions (robust to error) require no more than a single reason.”
~Nassim Taleb


“Forecasting by bureaucrats tends to be used for anxiety relief rather than for adequate policy making.”
~Nassim Taleb


“If you see fraud and do not say fraud, you are a fraud.”
~Nassim Taleb


“The fragile wants tranquility, the antifragile grows from disorder, and the robust doesn't care too much.”
~Nassim Taleb


“Daily news and sugar confuse our system in the same manner.”
~Nassim Taleb


“What is nonmeasurable and nonpredictable will remain nonmeasurable and nonpredictable ... no matter how much hate mail I get.”
~Nassim Taleb


“The worst side effect of wealth is the social associations it forces on its victims, as people with big houses end up socializing with other people with big houses.”
~Nassim Taleb


“The future is often no respecter of statistical data”
~Benjamin Graham


“In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.”
~Benjamin Graham


“The world is a book and those who do not travel read only a page”
~Saint Augustine


“There is only one boss. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.”
~Sam Walton


“The only way to consistently stay ahead of the game is to adopt a long-term view and, if appropriate, with a strong contrarian spin.”
~Mark Mobius


“Government mandates, incidentally, are likely to distort rather than solve the problem of finding a market. I would, therefore, force my organization to live by its wits rather than to rely on capricious subsidies or non-economic-based regulation to fuel my business.”
~Clayton Christensen


“The only useful information about the market will be what I create through expeditions into the market, through testing and probing, trial and error, by selling real products to real people who pay real money.”
~Clayton Christensen


“Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows”
~Jim Rogers


“In investing, what is comfortable is rarely profitable”
~Robert Arnott


“The four most dangerous words in investing are: 'this time it's different.'”
~Sir John Templeton


“You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets.”
~Peter Lynch