Quotes

I don’t write to make investing easy. I write to show how hard it is so that people won’t try tricks that they can’t do.

Superior investing is taking advantage of the errors of others.

To be a great investor, you must have an approach, and you have to stick to it, despite the times when it’s not working.

One of the astute things I was taught is that on average, the average investor does average before fees, and below average after fees.

Smart investing doesn't consist of buying good assets, but of buying assets well.

Investors are right and wrong all the time for the wrong reasons.

Investing performance is what happens when events collide with an existing portfolio.

The important thing to remember about investing is that it is not sufficient to set up a portfolio that will survive on average. The key is to survive at the low ends.

The most important lessons in investing are learned in the tough times.

No investment vehicle should offer more liquidity than is afforded by the underlying assets.

Most investors learn their lessons the hard way.

For some reason, because of the way investor psychology works, people switch from only seeing the good to seeing only the bad.