Quotes

Many things are possible in Wall Street. But neither there nor anywhere else has a man ever prospered by trying to hog it.

In Wall Street, what has happened before will happen again. It must, as you will admit if you stop to think about it.

The trading favorites of 1928 were high-priced, untried, and unseasoned stocks that made one wonder whether the public did not think that the higher the price the better the stock.

It is one of the common pieces of Wall Street experience that when the public goes stock mad and the market leaders are filled with the arrogance of prolonged success, such little things as high money rates or decreases in earnings or unraised dividends have no instant effect on the market -- that is, on the state of mind of the speculating public. In the end, of course, all violations of the fundamental laws of economic and financial common sense are paid for; but every bull thinks he will unload before the break.

"Easy money" means only one thing when it means money that has come easy: It means money goes even more easily than it came.

Happy is the man who has no past! The same seems to be true of corporations in a bull market.

Buying stocks of prosperous concerns may be good business -- but only at a certain price. But if you will make sure you know what you are getting for your money, you will be doing what nobody does in a bull market.

The P/E ratio is only a reflection of what most investors expect to happen at a point in time, and that is neither here nor there in terms of what actually will happen.

Neither the corporate executive nor the investment manager can allow himself to be lulled into the belief that any company, regardless of its record of achievement, must necessarily provide satisfactory rates of growth.

Past corporate successes are only frail guides to future good fortune.

All stocks are "two-decision" stocks; and no such thing as a "one-decision" stock exists.

Laws have been passed to outlaw some of the more egregious behavior which contributed to the big bull market of the twenties. Nothing has been done about the seminal lunacy which possesses people who see a chance of becoming rich.