All economic movements, by their very nature, are motivated by crowd psychology.

Learn to take losses quickly and cleanly. There is something about inside information which seems to paralyze a man's reasoning powers. Beware of barbers, beauticians, waiters - or anyone - bringing gifts of 'inside' information or tips. Don't try to be a jack of all investment. Stick to the field you know best.

I get the facts, I study them patiently, I apply imagination.

Age is only a number, a cipher for the records. A man can't retire his experience. He must use it. Experience achieves more with less energy and time.

Nobody ever lost money taking a profit

The art of living lies less in eliminating our troubles than in growing with them.

Get to know yourself. Know your own failings, passions, and prejudices so you can separate them from what you see. Know also when you actually have thought through to the nature of the thing with which you are dealing and when you are not thinking at all... Knowing yourself and knowing the facts, you can judge whether you can change the situation so it is more to your liking. If you cannot--or if you do not know how to improve on things--then discipline yourself to the adjustments that will be necessary.