Quotes

Faith in the future is as much motivated by confidence as it is a reflection of fear in acknowledging a mistake.

Taking risks today for tomorrow's reward is both the most challenging and difficult of tasks. Unbridled optimism must be tempered with reality.

Technology is the ultimate definition of human capital.

Internal rates of return and other mathematical formulas for real estate projections attempt to legitimize the presumption of predictable results.

Indecision has probably cost investors more than bad judgment.

Investor anticipations, similar to the laws of economics, are shaped at the margin. That is why changes in earnings estimates follow, for the most part, changes in stock prices, and not vice versa as it should be.

Experience teaches us that earnings estimates, especially those of a longer-term nature, are not particularly reliable.

Many investors get "nickeled and dimed" into penury by failing to appreciate that the first loss is not only the best, but usually the smallest. They must learn to avoid defensive rationalization of their past bad judgments.

Most investors underestimate the stress of a high-risk portfolio on the way down.

Knowledge of the past is indispensable to understanding and managing the future.

Too many investors fail to follow some simple, time-tested tenets that improve the odds of achieving success and, at the same time, reduce the anxiety naturally associated with an uncertain undertaking.

There are no perfect one-decision answers to investment success.