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

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.

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

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

Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money.

I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.

It never was my thinking that made the big money for me. It always was my sitting.