It is one of the maxims of speculation that stocks never go up, but must be put up.
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One of the speculators’ hells consists of thinking of the money you didn’t make. If you had only done what you ought to have done, but didn’t!
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The stock ticker knows more than everybody. It deals with results. It satisfies your craving for action. It makes life worth living. And when it says that you are an ass, it convinces even you of it.
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A man who has bought a stock against the advice of a conservative broker, and has doubled his money in a fortnight, finds his suspicions turned into convictions by the impartial judge, the stock ticker.
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All booms are alike. The stage setting varies, but fundamentally they are as drops of water. Customs, like costumes, change from force of environment and economic conditions, but human nature remains the same.
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I don’t think there’ll ever be another Buffett, partly for the longevity, but partly because many people could never sustain that kind of return without blowing up.
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People think they’re hiring a manager to make them money. But probably, they’re hiring a manager to keep them out of trouble and maybe fight their own instincts sometimes.
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The ability to not be getting margin calls, not be having redemptions, not be scared out of your mind when something’s gone against you is probably the most enhancing thing to long term returns.
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The challenge is whether you can invest in things that won’t be too bad on the day when the market turns.
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A gambler seeks and makes risks which it is not necessary to assume, whereas the speculator is one who merely volunteers to assume those risks of business which must inevitably fall somewhere.
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The chief evils of speculation flow from the participation of the general public, who lack the special knowledge, and enter the market in a purely gambling spirit.
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A chief cause of crises, panics, runs on banks, etc., is that risks are not independently reckoned, but are a mere matter of imitation. A crisis is a time of general and forced liquidation.
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A great mob of easily led investors, eagerly searching for “straight tips” which may bring instant wealth, make their mistake in common, and when the mistake is disastrous they try, en masse, to escape.
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In order to outperform, by definition, you have to depart from the crowd. You have to hold a different position.
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There’s nothing you can do in the interest of being above average that does not expose you to the risk of being below average.
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The complexity of the world in which we live exceeds our capacity to comprehend it.
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A boom/bust process occurs only when market prices find a way to influence the so-called fundamentals that are supposed to be reflected in market prices.
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I assume that markets are always wrong. Even if my assumption is occasionally wrong, I use it as a working hypothesis.
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Risk to us goes back to not paying attention to how one does in the short term.
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Value investors tend to look for what they perceive to be stable businesses and technology is fast changing almost by definition.
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By owning great companies, you can just forget about all the noise and the irrational market fluctuations. And slowly get rich.
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Most portfolio managers still pursue the elusive goal of “better than the market” performance. However, one should not dismiss the general premise because of its uncomfortable conclusions.
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