If it?s a good idea, go ahead and do it. It is much easier to apologize than it is to get permission.
The most powerful force in the universe is compound interest.
No man will make a great leader who wants to do it all himself or get all the credit for doing it.
There is little success where there is little laughter.
Concentrate your energies, your thoughts and your capital. The wise man puts all his eggs in one basket and watches the basket.
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.
The way to expand our lives is to model the lives of those people who are already succeeding.
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.
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.
The only way a government can be of service to national prosperity is by keeping its hands off.
There will be sleeping enough in the grave.
The intelligent investor is likely to need considerable will power to keep from following the crowd.
The future is often no respecter of statistical data
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.
All first draft presentations are too long and should be cut. Second, third, and forth drafts should be cut further.
Empty your cup so that it may be filled
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.
First we make our habits, then our habits make us.
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.
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.
Profits are not made by differential cleverness, but by differential stupidity.
There should be a balance of these two, Prudence and Courage; Prudence in contemplation, Courage in execution.
A man must think for himself, must follow his own convictions. Self-trust is the foundation of successful effort.
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.
Those who confine themselves too closely to statistics are poor guides.
Fools try to prove that they are right. Wise men try to find when they are wrong.
The distant is the great, the near the little. But the little-near controls man rather than the distantgreat.
Health is equilibrium.
The man who conforms never transforms.
Among crazy people, a sane man is thought a lunatic.
Nothing so impressive as simplicity.
Better the vagaries of eccentricity than commonplace dullness.
The man who "knows it all" has much to learn.
To separate the essential from the non-essential is the mark of a superior mind.
Genius consists of seeing instantly the vital point.
Enthusiasm is a poor guide, but a good companion.
None so blind as those who are sure they see.
Many men have the "courage of their opinions," few the courage to abandon opinions.
The little man demands to be understood; the great man is content to be misunderstood.
Luck exists. But the able man acts so as to minimize bad luck and augment good luck.
Better capital in a man's head than capital in a bank.
Learn principles. Facts will then fall into their relations and connections.
It is always the "unlucky man" who believes in luck.
The more "hindsight" the better foresight.
A sure thing is a dangerous thing.
Make your theories fit your facts, not your facts your theories.
The foolishness of the many is the opportunity of the few.
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.
Some men are alive after they are dead; others are dead while still alive.
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.
Do you wish sympathy? Don't seek it.
Never explain. Let your life be the explanation.
Sickness develops a man inwardly, health outwardly. To have the benefits of both, man must have been sick and become well.
Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.
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.
The more the state "plans" the more difficult planning becomes for the individual.
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.
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.
No human mind can comprehend all the knowledge which guides the actions of society.
The mind cannot foresee its own advance.
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.
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.
It is when it is contended that "in a democracy right is what the majority makes it to be" that democracy degenerates into demagoguery.
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.
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.
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.
I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.
The Nobel Prize confers on an individual an authority which in economics no man ought to possess.
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.
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.
Emergencies have always been the pretext on which the safeguards of individual liberty have been eroded.
We must shed the illusion that we can deliberately 'create the future of mankind'
We must shed the illusion that we can deliberately 'create the future of mankind'
It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.
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.
Let food be your medicine and medicine be your food.
The system of book-keeping by double entry is among the finest inventions of the human mind
Experience is not what you've done, it's what you do with what you've done.
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.
No man can always have adequate reasons for buying or selling stocks daily ? or sufficient knowledge to make his play an intelligent play.
The desire for contant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals.
A stock operator has to fight a lot of expensive enemies within himself.
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.
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.
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.
Ignorance at twenty-two isn't a structural defect.
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.
When a man is right he wants to get all that is coming to him for being right.
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.
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!
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.
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.
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.
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.
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.
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.
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.
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.
The only thing to do when a man is wrong is to be right by ceasing to be wrong.
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.
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.
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.
Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.
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.
Good is the enemy of great
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.
The purpose of bureaucracy is to compensate for incompetence and lack of discipline.
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??.
Whether you prevail or fail, endure or die, depends more on what you do yourself than on what the world does to you.
How can we do better tomorrow than we did today?
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.
You will never get anywhere if you do not do your homework.
The way to get rich is to put your eggs in one basket and to make sure you have the right basket.
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.
Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows
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.
For every disciplined effort there is a multiple reward.
Don't wish it were easier, wish you were better.
Formal education will make you a living, self-education will make you a fortune.
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.
You don't get paid for the hour. You get paid for the value you bring to the hour.
The book you don't read won't help.
The few who do are the envy of the many who only watch.
The more you know the less you need to say.
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.
What is powerful is when what you say is just the tip of the iceberg of what you know.
Profits are better than wages.
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.
Success is not to be pursued; it is to be attracted by the person you become.
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.
Learn how to be happy with what you have while you pursue all that you want.
Learn how to say no. Don?t let your mouth overload your back.
Time is our most valuable asset, yet we tend to waste it, kill it, and spend it, rather than invest it.
Days are expensive. When you spend a day, you have one less day to spend. So make sure you spend each one wisely.
Learn to express, not impress.
It isn't what the book costs; it's what it will cost if you don't read it.
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.
Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.
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.
Time is a created thing. To say 'I don't have time,' is like saying, 'I don't want to.
Care about what other people think and you will always be their prisoner.
Because one believes in oneself, one doesn't try to convince others. Because one is content with oneself, one doesn't need others' approval.
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.
The journey of a thousand miles begins with a single step.
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.
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.
The market is a democracy in which every penny gives a right to vote.
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.
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.
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.
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.
Economics is not about things and tangible material objects; it is about men, their meanings and actions.
No architect is held responsible for the behavior of those who inhabit the structure he designed.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Inflation is taxation without legislation.
If you put the government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.
It is easy to be conspicuously 'compassionate' if others are being forced to pay the cost.
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.
Don?t wait. The time will never be just right.
If you believe yourself unfortunate, because you have "loved and lost," perish the thought. One who has loved truly, can never lose entirely.
Every failure brings with it the seed of an equivalent advantage.
Tell the world what you intend to do, but first show it.
It is one thing to want money?everyone wants more?but it is something entirely different to be worth more!
A quitter never wins?and?a winner never quits.
The person who stops studying merely because he has finished school is forever hopelessly doomed to mediocrity.
Tough times don't last, tough people do
The three most harmful addictions are heroin, carbohydrates, and a monthly salary.
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.
People focus on role models; it is more effective to find antimodels - people you don't want to resemble when you grow up
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.
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.
In poor countries, officials receive explicit bribes; in D.C. they get the sophisticated, implicit, unspoken promise to work for large corporations.
Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.
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.
Forecasting by bureaucrats tends to be used for anxiety relief rather than for adequate policy making.
If you see fraud and do not say fraud, you are a fraud.
The fragile wants tranquility, the antifragile grows from disorder, and the robust doesn't care too much.
Daily news and sugar confuse our system in the same manner.
What is nonmeasurable and nonpredictable will remain nonmeasurable and nonpredictable ... no matter how much hate mail I get.
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.
Management must take the lead in making obsolete its own products and services rather than waiting for a competitor to do so.
The new always looks so puny?so unpromising?next to the reality of the massive, ongoing business.
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.
The healthier a new venture and the faster it grows, the more financial feeding it requires.
[Entrepreneurship] is by no means hunch or gamble. But it also is not precisely science. Rather, it is judgment.
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.
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.
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.
It isn't the head but the stomach that determines the fate of the stockpicker.
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.
The best stock to buy may be the one you already own
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.
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.
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.
Men prefer a false promise to a flat refusal
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.
Do not tell people how to live their lives. Just tell them stories. And they will figure out how those stories apply to them.
Find the best in everybody, no matter how you have to wait for them to show it.
Get a feedback loop and listen to it. When people give you feedback, cherish it and use it.
We cannot change the cards we are dealt, just how we play the hand.
In investing, what is comfortable is rarely profitable
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.
If you want to go somewhere, it is best to find someone who has already been there.
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.
Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.
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.
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.
The world is a book and those who do not travel read only a page
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.
Luck is what happens when preparation meets opportunity.
In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.
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.
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.
Value investing by its very nature is contrarian.
The trick of successful investors is to sell when they want to, not when they have to.
Most institutional investors? feel compelled? to swing at almost every pitch and forgo batting selectivity for frequency.
To buy when others are despondently selling and to sell when others are buying requires the greatest fortitude and pays the greatest ultimate rewards
The four most dangerous words in investing are: 'this time it's different.'
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.
He will win who knows when to fight and when not to fight.
In all fighting, the direct method may be used for joining battle, but indirect methods will be needed in order to secure victory.
There are not more than five musical notes, yet the combinations of these five give rise to more melodies than can ever be heard.
There are not more than five primary colors, yet in combination they produce more hues than can ever been seen.
There are not more than five cardinal tastes, yet combinations of them yield more flavors than can ever be tasted.
The good fighter will be terrible in his onset, and prompt in his decision.
Energy may be likened to the bending of a crossbow; decision, to the releasing of a trigger.
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.
Opportunity is missed by most because it is dressed in overalls and looks like work.
I have not failed. I've just found 10,000 ways that won't work.
If we all did the things we are capable of doing, we would literally astound ourselves.
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.
I believe that banking institutions are more dangerous to our liberties than standing armies.
I cannot live without books
He who knows best knows how little he knows.
Whenever you do a thing, act as if all the world were watching.
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
Without health there is no happiness. An attention to health, then, should take the place of every other object.
Most people's lives are a direct reflection of the expectations of their peer group
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.
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.
It's not the lack of resources that cause failure, it's the lack of resourcefulness that causes failure.
The only place where success comes before work is in the dictionary.
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.
Be fearful when others are greedy. Be greedy when others are fearful.
Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
Wall Street is the only place that people ride to work in a Rolls Royce to get advice from those who take the subway.
Life is like a snowball. The important thing is finding wet snow and a really long hill.
Don't do equations with Greek letters in them.
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.
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.
Never ask the barber if you need a haircut.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you?ll do things differently.
Some men read Playboy. I read annual reports.
However beautiful the strategy, you should occasionally look at the results
If it's a good idea, go ahead and do it. It is much easier to apologize than it is to get permission.