The average man doesn't wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think.

To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.

It is foolhardy to make a second trade, if your first trade shows you a loss. Never average losses. Let this thought be written indelibly upon your mind.

I was utterly free of speculative prejudices. The bear side doesn't appeal to me any more than the bull side, or vice versa. My one steadfast prejudice is against being wrong.

A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.

The stock market is never obvious. It is designed to fool most of the people, most of the time.

Never buy at the bottom, and always sell too soon.