Quotes

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.

I think the future of equities will be roughly the same as their past; in particular, common stock purchases will prove satisfactory when made at appropriate price levels.

I deny emphatically that because the market has all the information it needs to establish a correct price the prices it actually registers are in fact correct.

I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.

A hot stock, like a hot stove, should be handled with care.

Probably the largest aggregate losses are suffered by people who invest overenthusiastically in a basically sound company.

The typical experience of the speculator is one of temporary profit and ultimate loss.

No prediction -- whether of a repetition of past patterns or of a complete break with past patterns -- can be proved in advance to be right.

Speculators often prosper through ignorance.

All my experience goes to show that most investment advisers take their opinions and measures of stock values from stock prices. In the stock market, value standards do not determine prices; prices determine value standards.

People without experience or superior ability may make a lot of money fast in the stock market, but they cannot keep what they make, and most of them will end up as net losers.

A large advance in the stock market is basically a sign for caution and not a reason for confidence.