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."

For instance, let us say that a new stock has been listed in the last two or three years and its high was 20, or any other figure, and that such a price was made two or three years ago. If something favorable happens in connection with the company, and the stock starts upward, usually it is safe play to buy the minute it touches a brand new high.

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.

I know from experience that nobody can give me a tip or a series of tips that will make more money for me than my own judgment.

Experience has proved to me that real money made in speculating has been in commitments in a stock or commodity showing a profit right from the start.

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

Instead of hoping he must fear and instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.