When everyone thinks alike, there isn't much thinking taking place. Get out when you can, not when you have to.

Disregarding the big swing and trying to jump in and out was fatal to me. Nobody can catch all the fluctuations. In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study general conditions and not tips or special factors affecting individual stocks.

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.

I cannot fear to be wrong because I never think I'm wrong until I am proven wrong. In fact, I am uncomfortable unless I am capitalizing my experience.

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

If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with plodding minds. It's the guessing that develops a man's brain power.

If you can't sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level.