The stock market is never obvious. It is designed to fool most of the people, most of the time.

Trends come like a series of ocean waves, bringing the high tide when things are good and, as conditions recede, the low tide appears. These trends come unexpectedly, unpredictably, and they have to be weathered with temperance, poise, and patience- good or bad.

If somebody had told me my method would not work I nevertheless would have tried it out to make sure for myself, for when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating.

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

It is what people actually did in the stock market that counted - not what they said they were going to do.

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.

A man must study general conditions, to seize them so as to be able to anticipate probabilities.