Crowds are often surprisingly wise - the market can be right even when everyone who makes it up is individually wrong.

Well, I think we tried very hard not to be overconfident, because when you get overconfident, that's when something snaps up and bites you.

The toughest thing about success is that you've got to keep on being a success.

Emotion often wins, since, as John Junor says, “An ounce of emotion is equal to a ton of facts.

To think is easy. To act is difficult. To act as one thinks is the most difficult of all.

I began to learn while very young, and grew up practicing it. Now, I’m certain of success. I go down with the water and come up with the water. I follow it and forget myself. The only reason I survive is because I don’t struggle against the water’s superior power.” The market is like the water, overpowering all who struggle against it and giving those who work with it a wonderful ride. But swimming lessons are in order. You can’t just jump in: You need guidelines.

Those who listen and learn the difference between normal and abnormal action are said to have a “good feel for the market”. Those who ignore what the market says usually pay a heavy price.

William O’Neil once wrote that never hesitating in battle gave him an advantage over his opponents, and for many years he was undefeated. In the battle field that is the stock market, there are the quicks and there are the dead!

Patience and Time can achieve more than Passion or Effort.

I don’t want to go back to go. I’ve been to go.

In Alice in Wonderland one had to run fast in order to stand still. In the stock market, the evidence suggests, one who buys right must stand still in order to run fast.

A great deal of investing is on par with the instinct that makes a fish bite on an edible spinner because it is moving.” Investors too bite on what’s moving and can’t sit on a stock that isn’t going anywhere. They also lose patience with one that is moving against them. This causes them to make a lot of trades and never enjoy truly mammoth returns.

When you buy a cow to milk, don’t plan to race her against your neighbor’s horse.

Since no one can foretell the future with certainty, it makes sense to try to buy when the seller bears the brunt of possible adverse developments and to sell when the buyer is willing to transmute our hopes for the future into present cash.

The art of speculation in one sense is the ability to recognize when a seeming risk is not a real risk or when a real risk is not nearly as great as the stock market anticipates.

No one knows or even can know for sure what the future holds. If the almighty had intended us to know that, He would have equipped us with another sense which none of us have. The Irishman highlighted the matter when he said , “Sure, and I wish I knew where I was going to die. I’d never go near the place.” If we have no certainty as to when or where our own life will end, how can we presume to be sure of future developments with regard to matters not nearly so close to us?

There’s a big difference between probability and outcome. Probable things fail to happen – and improbable things happen – all the time.

A very successful investor once said: “The bearish argument always sound more intelligent.

If I have seen further….it is by standing upon the shoulder of Giants.

Six out of ten is all it takes to produce an enviable record on Wall Street.

It’s also important to be able to make decisions without complete or imperfect information. Things are almost never clear on Wall Street, or when they are, then it’s too late to profit from them. The scientific mind that needs to know all the data will be thwarted here.

If a cat sits on a hot stove, that cat won't sit on a hot stove again. That cat won't sit on a cold stove either. That cat just doesn't like stoves.

No single path or way in the markets. There are a million ways to make money in the markets.

The irony is that amateur traders lose money because they try to avoid losing. Professional traders, however, understand that they need to take losses in order to win. They understand that taking losses is an integral part of the trading process. To win at trading, you need to understand that losing is part of the game.