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

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.

At long as a stock is acting right, and the market is right, do not be in a hurry to take profits. One should never permit speculative ventures to run into investments.

There is time to go long, time to go short and time to go fishing.

A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.

They say you never grow poor taking profits. No, you don't. But neither do you grow rich taking a four-point profit in a bull market. Where I should have made twenty thousand dollars I made two thousand. That was what conservatism did for me.

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