If I learned all this so slowly it was because I learned by my mistakes, and some time always elapses between making a mistake and realizing it, and more time between realizing it and exactly determining it.

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.

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.

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

Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.

The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.