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

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.

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.

It isn't as important to buy as cheap as possible as it is to buy at the right time.

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.

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

Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.