Quotes

Liquidity does not exist unless someone else is willing to give you cash in exchange for the piece of paper you want to sell.

The more irreversible the decisions, the more expensive the consequences of being wrong.

The history of markets is one of overreaction in both directions.

Volatility matters, because it defines the uncertainty of the price at which an asset will be liquidated.

To me, the primary task in investing is to test and then retest some more the parameters and paradigms that appear to govern daily events. Betting against them is dangerous when they look solid, but accepting them without question is the most dangerous step of all.

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.