Quotes

There is a considerable tendency for common stock investors to do the greater part of their buying, both of "good" and "bad" securities, at high levels of the market. They are equally inclined to do the greater part of their selling at low levels of the market, a procedure which is not conducive to successful results.

My own opinion is that the selection of individual securities is a matter partly of a special kind of judgment and insight, and partly of a good deal of security analysis training.

I think I am safe in asserting that the margin trader, speculator, gambler, or whatever you choose to designate the average man who goes to Wall Street after easy money, does not lose money when he sells. He loses it when he buys!

The human animal never behaves as wisely as he means to, particularly when his counselor is Hope or Fear.

It is a curious fact that although all booms are alike, all are different.

Periods of depression invariably follow periods of overoptimism, when fear replaces hope as the controlling emotion.

You can't imagine how many shrewd, experienced business men forget in Wall Street what it took them years to learn.

Intelligent speculators and investors who do not play the market feverishly do not need to spend the day beside a ticker or before a quotation board.

Anything that helps make addicts out of occasional traders should be avoided as if it were the bubonic plague.

The stock speculator, as a rule, is beaten by himself!

Nobody knows what the stock market is going to do or even what it ought to do. Hence, the most valuable asset in all business, which is knowledge, is necessarily absent.

In the history of every great catastrophe, you will find that some masterly bit of stupidity sets fire to the oil-soaked rags.