Quotes

Markets are shaped by what I call "memory banks." Experience shapes memory; memory shapes our view of the future.

While we can learn from the long run about how bonds and stocks respond to changing environments and to each other, the long run can tell us perilously little about what kinds of environments lie ahead.

The long run is a benchmark that helps us to understand the short run, where nothing ever stands still.

Faith in the long run is the most powerful force that drives investment decisions.

Consequences, not probabilities, determine the decisions that matter.

Risk in our world is nothing more than uncertainty about the decisions that other human beings are going to make and how we can best respond to those decisions.

In the end, the value of your portfolio is not what somebody tells you is likely to happen over the long run but how much other investors out there are going to be willing to pay you for your assets.

The fact is that strategies that perform sub-optimally under certain market conditions can work surprisingly well in others.

What other people are doing in the market is not relevant to what you’re doing.

The best companies often thrive even as their competitors struggle to survive.

When there's a war going on, don't buy the companies that are doing the fighting; buy the companies that sell the bullets.

If you're lucky enough to have one golden egg in your portfolio, it may not matter if you have a couple of rotten ones in there with it.