Quotes

It is usually a much simpler matter to forecast a bull market than to call the turn at its end.

Bull markets and bear markets last long enough so that the average trader is likely to forget by the time the climax is approaching that any sort of movement is possible.

Economic history never repeats itself exactly.

It takes a great deal of nerve to cling to a short position in a stock in the face of an advancing market even though the stock may clearly be overvalued.

To consider stocks by groups rather than by individual companies is further to ignore the vital factor of management.

You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready. You won't do well in the markets. If you go to Minnesota in January, you should know it's gonna be cold. You don't panic when the thermometer falls below zero.

I didn't spend any time predicting the economy, or the stock market. I spent all my time looking at companies.

Savings is the key to creating wealth.

Risk-taking is an inevitable ingredient in investing, and in life, but never take a risk you do not have to take.

I view diversification not only as a survival strategy but as an aggressive strategy, because the next windfall might come from a surprising place.

Survival is the only road to riches.

There is evidence that the stock market is more efficient in processing information about what other investors are doing than it is in processing fundamental information about the underlying assets, which is why stock prices so often turn out with hindsight to have been crazy rather than rational.