John Bogle
„Intelligent Investors try to separate their emotions of hope, fear, and greed from their trust in reason, and then expect that wisdom will prevail over the long term. Hope, fear, and greed go along with the volatile market of short-term expectations, while trust in reason goes with the real market of long-term intrinsic value. In this sense, long-term investors must be philosophers rather than technicians.“
John Maynard Keynes
„A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion since there will be no strong roots of conviction to hold it steady.“
Jesse Livermore
„Wall Street never changes. The pockets change, the suckers change, the stocks change, but Wall Street never changes because human nature never changes.“
Albert Einstein
„Any fool can make things bigger, more complex, and more violent. It takes a touch of genius – and a lot of courage – to move in the opposite direction.“
Nassim Taleb
„It is not how likely an event is to happen that matters, it is how much is made when it happens that should be the consideration. How frequent the profit is irrelevant; it is the magnitude of the outcome that counts…very few people take home a check linked to how often they are right or wrong. What they get is a profit or loss.“
Dwight D. Eisenhower
„The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office.“
Charles Darwin
„It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.“
Charlie Munger
„There is always going to be somebody who’s making money faster, running the mile faster or what have you. So in a human sense, once you get something that works fine for you in your life, this idea of caring terribly that somebody else is making money faster strikes me as insane.“
Charles Darwin
„The very essence of instinct is that it’s followed independently of reason.“
Charlie Munger
„Never wrestle with a pig because if you do you’ll both get dirty, but the pig will enjoy it.“
Steve Jobs
„Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of others‘ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.“
Friedrich Nietzsche
„In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule.“
Albert Einstein
„The intuitive mind is a sacred gift, and the rational mind is a faithful servant. We have created a society that honors the servant and has forgotten the gift.“
Barton Biggs
„Investment teams and committees, when they disagree about the proper course of action, can become paralyzed by respect and politeness. This happens most often when the groups are compatible and there is no overriding leader. They discuss the alternatives and then do nothing. I have been on small investment teams where this happens. Controversy, passionate disagreement, and even anger are healthy.“
Gerald Loeb
„If there is anything I detest, it’s a mechanistic formula for anything. People should use their heads and go by logic and reason, not by hard and fast rules.“
Benjamin Graham
„The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is a cause for concern. We have often said that Wall Street as an institution would be well advised to reinstate this distinction and to emphasize it in all its dealings with the public.“
John Maynard Keynes
„A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion since there will be no strong roots of conviction to hold it steady.“
Jesse Livermore
„Wall Street never changes. The pockets change, the suckers change, the stocks change, but Wall Street never changes because human nature never changes.“
Barton Biggs
„Perhaps the fatal trouble with large investment-management firms is that, although they advertise performance, the businessmen that run them don’t seem to know or want to know how to create an environment that can produce alpha or generate consistent absolute returns for clients. Instead, they are giant factories, in business to increase fee-paying assets under management.“
Benjamin Franklin
„The doorstep to the temple of wisdom is a knowledge of our own ignorance.“
Carl von Clausewitz
„The greatest enemy of a good plan is the dream of a perfect plan.“
John Bogle
„In investing, rely on the ordinary virtues that intelligent, balanced human beings have relied on for centuries: common sense, thrift, realistic expectations, patience, and perseverance.“
Andrew Carnegie
„Here is the prime condition of success: Concentrate your energy, thought and capital exclusively upon the business in which you are engaged. Having begun on one line, resolve to fight it out on that line, to lead in it, adopt every improvement, have the best machinery, and know the most about it.“
George Soros
„Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.“
Albert Einstein
„Information is not knowledge.“
Barton Biggs
„A large group that votes democratically sounds good because it encourages participation, but in investing, democracies don’t work. In fact, they invariably fail. Decision making and responsibility has to be located in an individual.“
Mark Twain
„Don’t let schooling interfere with your education.“
Jeremy Grantham
„The 3 biggest weaknesses of investment managers are, in my opinion: 1. A mixture of overconfidence and an overeagerness to be busy. There are, therefore, far too many decisions made. 2. A failure to differentiate between high and low confidence and therefore between major and minor bets. 3 . A fixation on the short-term. The result of these three failures is high turnover, high costs and a mass of smalI, often offsetting bets going nowhere (…). Clients end up overpaying for large indexed or over-diversified components of their account. Antidote: Build the portfolio around a few major long-term bets (…).“
Andrew Carnegie
„As I grow older, I pay less attention to what men say. I just watch what they do.“
John Maynard Keynes
„Finally it is the long-term investor, he who promotes the public interest, who will in practice come in for most criticism, wherever investment funds are managed by committees or boards or banks. For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion. If he is successful, that will only confirm the general belief in his rashness; and if in the short run he is unsuccessful, which is very likely, he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.“
Walter Schloss
„“Concentrate on what you know and forget about everything else.“