If a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of ten thousand brothers or cousins of the original.

Money is made by sitting, not trading.

Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.

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

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

Every once in a while you must go to cash, take a break, take a vacation. Don't try to play the market all the time. It can't be done, too tough on the emotions.

Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.