The essence of investment management is the management of risks, not the management of returns.

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

Successful investing is about managing risk, not avoiding it.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss

Investing isn't about beating others at their game. It's about controlling yourself at your own game.