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

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

If you can't sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level.

Men who can both be right and sit tight are uncommon.

When a man is right he wants to get all that is coming to him for being right.

The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.

"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.""