Quotes

Deregulation only works when everybody is virtuous and flexible.

The enchantment which some growth companies convey to the stock market lends a premium to their common stocks which is not always justified by the statistical background.

The ability to create its own market is the strategic, the dominating, and the single most distinguishing characteristic of a true growth company.

In investing, nothing beats the discovery of an undervalued stock, no matter what the nature of its business or the past trend of its earnings.

Neither regulation nor memory is a perfect protection against the will to delude one's self or others. If people are sufficiently persuaded of their own wizardry or that of others, they and their money will be separated.

Economists, when they seek to be profound, often succeed only in being wrong.

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.