I began to realize that the big money must necessarily be in the big swing.

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

There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time.

It took me five years to learn to play the game intelligently enough to make big money when I was right.

"On Pat Hearne - He made money in stocks, and that made people ask him for advice. He would never give any. If they asked him point-blank for his opinion about the wisdom of their commitments he used a favorite race-track maxim of his: "You can't tell till you bet.""

He will risk half his fortune in the stock market with less reflection that he devotes to the selection of a medium-priced automobile.

Instead of hoping he must fear and instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.