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

In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices breaks through the limit in either direction.

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

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

A market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break.

Ignorance at twenty-two isn't a structural defect.

A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don't believe in tips."