Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street.

The public always wants to be told.

And for a sucker play a man gets sucker pay; for the paymaster is on the job and never losses the pay envelope that is coming to you.

When the man who ought to want a stock doesn't want it, why should I want it?

The speculators deadly enemies are: Ignorance, greed, fear and hope. All the statute books in the world and all the rules of all the Exchanges on earth cannot eliminate these from the human animal.

As a matter of fact I trade in accordance to my means and always leave myself an ample margin of safety.

Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield. I think the clearest summing up of the whole thing was expressed by Thomas F. Woodlock when he declared: “The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past.”