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

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.

Without faith in his own judgment no man can go very far in this game. That is about all I have learned - to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary.

There are times when you should be completely out of the market, for emotional as well as economic reasons.

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

The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.

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