"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.""

I never argue with the tape. To be angry at the market because it unexpectedly or even illogically goes against you is like getting mad at your lungs because you have pneumonia.

Professional traders have always had some system or other based upon their experience and governed either by their attitude towards speculation or by their desires.

I never hesitate to tell a man that I am bullish or bearish. But I do not tell people to buy or sell any particular stock. In a bear market all stocks go down and in a bull market they go up.

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

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

Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.