Quotes for the Week
Before I came down to Wall Street in 1914 the future of the stock market had already been forecast — once for all — in the famous dictum of J.P. Morgan the elder: “It will fluctuate.” It is a safe prediction for me to make that, in future years as in the past, common stocks will advance too far and decline too far, and that investors, like speculators — and institutions, like individuals — will have their periods of enchantment and disenchantment with equities. — Ben Graham (source)
When disagreement and controversy exist, prices move slowly because buyers and sellers roughly offset each other. When, on the other hand, a consensus exists, prices move rapidly, because buyers can find no one to buy at current levels (and vice versa with sellers on the way down). — Peter Bernstein (source)
From the Archives
Last Call
- 10 Things We Can Learn from Warren Buffett – Morningstar
- Notes from A Century-Old Classic Buffett Would Love – Investment Master Class
- Essential Wisdom from Twenty Personal Investing Classics – Elm
- Advisers and Clients See the World Differently – Klement on Investing
- Understanding the AI CapEx Boom – Excess Returns
- You’re Gonna Need This Now More Than Ever – R. Holiday
- The Slop Cycle: How Every Media Revolution Breeds Rubbish and Art – Scientific American
- Lost Vegas – Slate
- 12 Famous Quotes Everyone Misattributes – Mental Floss