Money Management:
“In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”
The Business of Investing:
“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
The Investor Self:
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”
Market Analysis:
“Risk comes from not knowing what you’re doing.”
Routines:
“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”
Stalking:
“I don’t look to jump over 7-foot bars; I look around for 1-foot bars that I can step over.”
Buying:
“Why not invest your assets in the companies you really like? As Mae West said, “Too much of a good thing can be wonderful.”
Monitoring Positions:
“Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.”
Selling:
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”
Review:
“If past history was all there was to the game, the richest people would be librarians.”
